Sobha shares jump 7% on record sales in FY21

Total sales value stood at Rs 1,072 crore in Q4FY21, up from Rs 694.5 crore in Q4FY20. However, the full-year sales declined to 40,13,381 square feet from 40,71,704 square feet in FY20.

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Sobha share price gained 7 percent at open on April 6 after the company said new sales in Q4FY21 increased to 13,37,707 square feet compared to 9,05,710 square feet in the year-ago period.

Total sales value stood at Rs 1,072 crore in Q4FY21, up from Rs 694.5 crore in Q4FY20, however, full-year sale declined to 40,13,381 square feet from 40,71,704 square feet in FY20.

The stock was trading at Rs 460, up Rs 30.05, or 6.99 percent, at 0917 hours. It has touched an intraday high of Rs 465 and an intraday low of Rs 454.

“We have achieved a total sales volume of 40,13,381 square feet valued at Rs 31.37 billion. Total sales value achieved during FY20-21 is the highest ever in the history of the company,” the Bengaluru-based firm said in a regulatory filing.

The company achieved 9 percent higher sales in value terms and 10 percent higher average price realisation as compared to FY2019-20.

“Despite COVID-19 impact during Q1-21, Gurugram, Kochi, Thrissur and Pune have surpassed their sales performance as compared to FY19-20,” Sobha said.

Global research firm Morgan Stanley has maintained its “overweight” rating on the stock, with the target at Rs 573 a share. The research firm said valuations were attractive at the current level. The fourth-quarter details underlined the theme of a revival in India’s housing market, the company’s readiness to benefit from this demand and improving B/S was the reason for “overweight” rating, a CNBC-TV18 report said.

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