Sobha in limelight after high operational data in Q2FY17

Sobha, a real estate player, has declared its fabulous operations update for Q2FY17. The company’s better operational update signifies that it will declare handsome Q2FY17 results in near term. The share price of Sobha increased by 5.25 per cent on bourses in early trades; and is trading at Rs 318.3 on an intraday basis.

Sobha witnessed 5.74 per cent sales upside to 855662 square feet in Q2FY17 on a quarterly basis. Its total sales value has increased by 7.42 per cent to Rs 551.2 crore in Q2FY17 as compared to previous quarter. Its average price realisation also inched up 1.62 per cent to Rs 6643 per square feet in Q2FY17 on a sequential basis.

On half yearly basis, Sobha’s new sales have declined by 1.59 per cent to 1664911 square feet in H1FY17 as compared to same period in previous financial year. The company’s total sales value has declined by just 0.07 per cent to 1064.3 crore in H1FY17 on s yearly basis. Its average realisations have increased by 1.56 per cent to Rs 6295 per square feet in H1FY17 as compared to same period in previous financial year.

The second quarter of FY17 has shown an encouraging trend of sustaining sales momentum and higher realisations. With falling interest rates and nearing festival season, the company is confident of meeting its guidance of new sales volume of 3.5 million square feet amounting to Rs 2000 crore.