Sobha Q2 Review - On A Strong Footing: ICICI Securities
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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 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, 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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