Sobha Q4 Review - Record Quarter For Sales Bookings; Reduction In Debt Levels Remain Key: ICICI Securities

A gardener prunes plants outside a residential apartment building  on the outskirts of Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Sobha Q4 Review - Record Quarter For Sales Bookings; Reduction In Debt Levels Remain Key: ICICI Securities

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ICICI Securities Report

Sobha Ltd. achieved its highest ever quarterly gross sales bookings in Q4 FY21 at 1.34 million square feet worth Rs 10.7 billion which is up 48% YoY in volume terms and 54% YoY in value terms.

A strong QoQ uptick in Bengaluru and continued momentum in Kochi/Gurugram markets has enabled the company to cross pre-Covid-19 sales bookings.

For H2 FY21, the company has achieved its guidance of achieving a YoY growth in sales bookings (up 25% YoY in volume and 38% YoY in value) and has ended FY21 with flattish gross sales volumes of 4.01msf worth Rs 31.4 billion (the company share at Rs 24.8 billion).

We maintain our FY22/23E sales volume estimates of 4.7/5.0msf, respectively.

Click on the attachment to read the full report:

ICICI Securities Sobha Q4FY21 Results Update.pdf

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