Sobha - Resilient Performance; Reduction In Debt Levels Remain Key: ICICI Securities
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ICICI Securities Report
As per Sobha Ltd.’s business update, the company has achieved Q1 FY22 gross sales bookings of 0.90 million square feet worth Rs 6.8 billion which were up 38% YoY in volume terms and 40% YoY in value terms driven by Bengaluru and Gurugram markets.
While Q1 FY21 was a washout with a complete lockdown across India, the improved Q1 FY22 performance reflects ability of leading developers to utilise digital channels to drive sales.
Also, a partial lockdown during the second Covid-19 wave in Q1 FY22 has been less disruptive to operations with construction activities continuing across sites.
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