Sobha - On A Strong Footing: ICICI Securities

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 Q3 FY22 operations update, the company has achieved gross sales bookings of 1.32 million square feet worth Rs 10.5 billion (our estimate of Rs 9.9 billion) which were up 17% YoY in volume terms and 18% YoY in value terms driven by Bengaluru, Gurugram and Pune markets.While Q1 FY22 saw a muted performance owing to the second Covid-19 wave across India, the strong performance in Q2 FY22 and Q3 FY22 (best ever quarters for sales bookings) reflects the strong demand in South India driven by 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 for Sobha into Q4 FY22 and beyond, and model for 4.8/5.3/5.4 msf of sales volumes in FY22/23/24E..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 author entity 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.

Sobha - On A Strong Footing: ICICI Securities

Sobha - On A Strong Footing: ICICI Securities

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