Sobha builds up

Realty player, Sobha is up and about today. The company, which usually precedes its Q4 numbers with some provisional data had good news to report this time.

It announced yesterday after market closure that it has registered new sales area of 3.38m sq ft valued at 20.12bn at an average price realisation of Rs. 5946 per sq ft. The new sales volume in FY16 was 3.2% higher as compared to FY15.

The company as shown a marginal improvement in Q4 pre-sales at 11% (QoQ) at Rs.530 crore. Its average realization rose 2% at Rs.6023 per sq.feet. And it remained a ‘Bangalore centric’ realty company as 76% of its total sales came from this region.

The company has missed its FY16 sales guidance by 23%.

The stock price is currently up over 4% at Rs.282.50 and this is after going up intra day to Rs.287.35.