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Share price of Sobha Ltd rises by 7% on best-ever quarterly sales volume



News24

LAST UPDATED: Jan. 7, 2021, 1:53 p.m.

New Delhi (Anish Yande): Shares of Sobha Ltd, the real estate developer, reached a high of 7% in trading on Thursday. The shares of the company were trading nearer to their 52-week high as the company declared its topmost sales volume during a quarter. 

Sobha Ltd records rise in total sales volume:

Sobha Ltd is a real estate developer based out of Bangalore. The company develops residential projects in mid-to-premium segments. Sobha Ltd also develops projects on a contractual basis.

A filing by Sobha Ltd stated, ‘During Q3 FY21, we have achieved a total sales volume of 11,33,574 square feet of super built-up area.’ The overall sales of the company rose by 22% to Rs 887.6 crore.

Sobha Ltd has recorded pre-sales volume in Q3 FY21 of 1.13 mn sf. The company recorded a 6% YoY growth and 27% QoQ growth. The sales performance of the company has been promising despite no significant launch. In the previous two quarters, the sales volume had declined 39% YoY and 14% YoY. 

Details of Sobha Ltd sales volume:

In the filing submitted by Sobha Ltd, the company stated that during Q3 FY21, the company had reached a total sales volume of 11.33 lakh square feet of super built-up area. The value of the total sales volume was stated at Rs 888 crores. Sales volume had risen by 27 percent, and total sales value had risen by 29 percent compared to the second quarter, the filing stated.

Sobha Ltd commented in the filing that the company recorded better sales due to better demand across all products. Sales volume of regions such as Thrissur and Gurugram rose by 59% and 92% in Q3-FY21 compared to Q3-FY20. The sales volume in the Pune region rose by 87% as compared to Q3-FY20.

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Bengaluru, where the company is based, recorded a rise in the total sales volume. The total sales volume in the Bengaluru region rose by 69% compared to the quarter in the previous financial year.

The shares of the company rose by more than 20 points on Thursday’s trading. The shares experienced a rise up to 7 percent in intraday trading.

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