Sobha gains after reporting operational performance update for Q3FY20


Shares of Sobha Ltd gained 2% in an otherwise weak market on Monday’s trade after the company announced operation  performance for Q3 of FY20. The company achieved new sales volume of 1,066,022 square feet valued at Rs726cr, with a total average realisation of Rs6,811 per square feet. Sobha’s share of sales value is at Rs608cr, the company said on Friday post-market hours.

The total sales volume is up by 17% in Q3FY20 as compared to Q3FY19, and by 9% during 9-months of FY20 compared to 9-months of FY19.

The total sale value is up 4% during Q3FY20 as compared to Q3FY19 and by 6% as compared to Q2FY20.

Total average price realization during Q3FY20 increased 3% as compared to Q2FY20 and is expected to move upwards, the company sees good sales traction in luxury and super luxury ongoing projects across cities.

During the quarter, the company released new towers to the tune of 0.61 million square feet saleable area in Sobha Royal Pavilion project situated in Bengaluru.

Demand remains consistent in all the cities where it operates.

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