Sobha shares jump after property developer reports record quarterly sales

Sobha shares jumped on Friday, after the real estate developer said its sales reached a record level in the April-June period. The Sobha stock gained by as much as Rs 23.8 or 4.3 per cent to Rs 579.2 apiece on BSE after the news.

Sobha registered sales of Rs 1,465 crore for the three-month period — its highest ever sales in a quarter, marking growth of 27.9 per cent compared with the corresponding quarter a year ago, according to an operational update by the company released post-market hours on Thursday.

The stock held on to much of its intraday gains after the initial spike. At the time of writing this report, the stock changed hands at Rs 576 apiece on BSE, up 3.5 per cent from its previous close.

Sobha said it received huge demand for its homes across the cities where it operates.

Sharing details about its performance in cities, Sobha said NCR continued to do well with its established market presence. Demand for GIFT City projects was on the rise with improved development and visibility, it said.

Bangalore contributed 54 per cent to Sobha's total sales in value terms. In Kerala, it saw 55 per cent growth on a sequential basis with release of new inventory in Marina One in Kochi and SOBHA Metropolis in Thrissur.

Here's a summary of the company's sale value and price realisation for the three-month period, as laid out by Sobha:

Table Data Source: Sobha Ltd

Bangalore recorded the highest sales in terms of the area developed (square feet), followed by NCR, Kerala, Tamil Nadu, Hyderabad and Pune.

Sobha shares: Past performance

Sobha shares have lost 10.5 per cent of their value in the past one year, a period in which the headline Nifty index has remained flat.