Sobha hits new high

Sobha is doing pretty well today morning. The stock, which had closed yesterday at Rs.885, opened today at Rs.927.50 and went on to hit a new high at Rs.976.70.

The company reported a good set of earnings for Q2FY22, posting a consolidated net profit of Rs.48 crore, up almost two times on a 57% (YoY) jump in revenue at Rs.819 crore.

EBITDA was up 67% at Rs.256 crore while margins went up from 29.4% to 31.3%.

The company achieved best quarterly sales volume of 1,348,864 square feet of super built-up area valued at Rs 10.30 billion and also the best ever Sobha Share of sale value of Rs 8.54 billion. During the quarter, the company launched 2 residential projects -‘Sobha Manhattan’ in Bengaluru and ‘Sobha Arbor’ in Chennai with super built-up area of 875,242 square feet and 286,689 square feet, respectively.

In Q2, other regions have contributed 41% of total sales volume as compared to 26% during Q1-22.