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ICICI Securities Report
Sobha Ltd.’s Q2 FY21 gross sales volumes of 0.89 million square feet worth Rs 6.9 billion were down 14% YoY in volume terms but up 1% YoY in terms.
On QoQ basis, gross sales volumes and were up 37% and 41%, respectively and as per the company, enquiry levels are almost at the pre-Covid-19 levels.
The exit run-rate for monthly sales volumes in August-September 2020 would be 0.30-0.35 million square feet which is almost 90-100% of the pre-Covid-19 monthly run rate.
We have revised our FY21/22E volumes upwards to 3.2/3.8 million square feet respectively (earlier 2.7/3.6 million square feet) to reflect the improved performance, versus pre-Covid annual run rate of 4 million square feet.
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