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ICICI Securities Report
Sobha Ltd. Q1 FY21 gross sales volumes of 0.65 million square feet (msf) worth Rs 4.9 billion were down 39% YoY and 28% QoQ in volume terms.
Although headline numbers appear weak, we believe that the numbers are encouraging considering the Covid-19 induced complete lockdown in April and May 2020 across India.
The exit run-rate for monthly sales volumes in June 2020 would be 0.30-0.35 msf which is almost 80-90% of the pre-Covid-19 monthly run rate. Sobha’s net debt remained flat QoQ adjusted for moratorium on interest payments.
We have built in FY21/22E volumes of 2.7 msf and 3.6 msf respectively, versus annual run rate of 4 msf to reflect the slowdown.
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