Sobha crumbles and falls
By
Research Desk
about 8 years ago
Sobha Ltd is down in the red today, in fact it is the top loser currently. Intra day, the stock slipped down almost 7% to Rs.265.70. Its 52-week low is at Rs.244.20.
The stock is down on the back of very disappointing numbers for Q3FY16. Its consolidated revenue declined 12% (QoQ) and down 42% (YoY) at Rs.401 crore. Net profit declined 19% (YoY) and down 47% (QoQ)to Rs.32 crore.
The company said that performance was down on account of higher volume of sales from projects which are yet to meet the revenue recognition threshold. The company's new sales volume rose 22% (YoY) at 8.06 lakh square feet and in terms of value, it rose 12% to Rs 478 crore.