Sobha in limelight

Sobha did not quite hit a new high despite reporting its highest ever quarterly sales volume for Q3FY21, despite no major launches during the quarter but it did spike up.

The company yesterday evening reported its quarterly performance and said that during Q3FY21, it achieved total sales volume of 1,133,574 square feet of super built-up area valued at Rs 8.88 billion, with a total average rea lization of Rs. 7,830 per square feet. Sales vol me, total sales value were up by 27% v/s 29% (QoQ).

It posted better sales numbers during Q3-21 as compared to the pre- Covid level Q3-20 due to good demand witnessed across all product categories where Sobha is operating. Sales volume, total sales value, Sobha's share of sale value and price realization are up by 6%,22%,12% and 15% respectively (YoY).

Sales volume achieved at Gurugram, Pune and Thrissur regions during Q3-21 have grown by 92% ,87% and 59% respectively. Bengaluru contributed 69% of the total sales volume.

Total Price Realization of Rs 7,830 per square feet achieved during Q3-21 is the highest price realization achieved during past 6 quarters.

During the quarter, it launched 'Sobha City - Athena' project in Bengaluru, an extension of the existing Sobha City project, with Residential super built-up area of 121,606 square feet and super built-up area of 28,863 square feet Commercial space.

With new launches planned across various cities in the next few quarters and inherent demand for housing continuing, the company expects sales performance during H2-21 to be better than H2- 20.

The stock, which had closed yesterday at Rs.410.90, rose 7% to hit an intraday high at Rs.439.70. Its 52-week high stands at Rs.463.30.