BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
As per Sobha Ltd.’s results update, the company has achieved its best-ever quarterly volumes in Q2 FY22 with gross sales bookings of 1.35 million square feet worth Rs 10.3 billion which were up 51% YoY in volume terms and 49% YoY in terms driven by Bengaluru, Gurugram and Pune markets.
While Q1 FY22 saw a muted performance owing to the second Covid-19 wave across India, Sobha's improved Q2 FY22 performance reflects the strong demand in South India driven hiring in IT/IT enabled service sector accompanied by salary hikes and low mortgage rates of 6.5-7.0%.
We expect this momentum to continue into H2 FY22 and beyond, and model for 4.8/5.3/5.4 million square feet of sales volumes in FY22/23/24E.
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