Sept quarter best ever for Sobha Developers

R.Y. Narayanan Coimbatore | Updated on March 12, 2018

For Bangalore-based Sobha Developers Ltd, which has projects spanning Tamil Nadu, Kerala, Karnataka and Maharashtra, apart from the NCR, the second quarter of the current fiscal has been "the best quarter in terms of new sales" in its history.

The company, which witnessed a 11.2 per cent increase in sales YoY in the first half of the current fiscal, is confident of achieving its full-year guidance.

In a communication to the stock exchanges, Sobha said it had given a guidance of new sales of 3.75 million sq.ft worth Rs 2,000 crore for the year at the beginning of the current fiscal. With six months gone, it is "poised to achieve the target’, having registered sales of 1.78 million sq.ft valued Rs 1,007 crore.

Of this, sales during the second quarter of the current FY was 0.95 million sq.ft of new space worth Rs 527 crore and the average price realisation was Rs 5,575 per sq.ft. The company said the second quarter of this year was "the best quarter in terms of new sales in the history of the company".

In terms of new space sold, Bangalore continued to top the list at 5.90 lakh sq.ft followed by NCR at 1.37 lakh sq.ft and Thrissur ranked third with 1.18 lakh sq.ft. Chennai with about 42,000 sq.ft, Pune with about 38,000 sq.ft, Coimbatore with about 10,600 sq ft and Mysore with about 8,200 sq ft were the other cities where it registered sales in its on going projects.

The company said that during H1 of this year, the new sales had gone up by 11.2 per cent year on year. The growth on new sales was 13.23 per cent sequentially and 1.04 per cent QoQ.

There has been a significant increase in the average price realisation too in second quarter of this year at Rs 5,575/sq ft compared to Rs 5,188 in the same period last year. The value of new sales during H1 of this year has gone up by 27.6 per cent year on year and SDL was confident of achieving its guidance for the current FY.

Published on October 03, 2012

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