ICICI Securities: Sobha’s Sales Bookings Back To Pre-Covid Levels In Q2

"BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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 value terms.On QoQ basis, gross sales volumes and value 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..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

ICICI Securities: Sobha’s Sales Bookings Back To Pre-Covid Levels In Q2