Sobha builds up

Sobha yesterday evening announced its Q1FY22 performance. The company achieved total sales volume of 895,539 square feet of super built-up area valued at Rs 683 crore v/s Rs.488 crore (YoY).

Its total sales volume, sale value, Sobha share of sale value and total average price realization are up by 38%,40%,45% and 2% respectively in YoY. Bengaluru sales volume have grown by 37%.

Though it did not give figures, the company said that Gurugram, Kochi, Thrissur, Pune and GIFT CITY have done quite ·well on YoY and that its average cost of borrowing has also come down.

The company expects normalcy to return in the second half of FY-2021-22 though uncertainties over the third wave remain. The company has planned new launches of 13.35 million square feet and intends to take it ahead.

The stock is up in the green today following this update, rising 9% to hit an intraday high at Rs.535, not too far from its 52-week high of Rs.548. Volumes are up 5 times.