Quarterly Result : Sobha Developers Ltd
Bhagyashree Vivarekar / 21 Nov 2016
Sobha Ltd., is currently trading at Rs. 243, up by 2.6 points or 1.08% from its earlier closing of Rs. 240.4 on the BSE. The company's reported net profit has eroded by 11.6% yoy to Rs 35.1 cr, triggered by higher effective tax rate, which has risen to 43% from 36%.
Technical View:
Sobha Ltd., is currently trading at Rs. 243, up by 2.6 points or 1.08% from its earlier closing of Rs. 240.4 on the BSE.
The scrip has touched a high and low of Rs. 245 and Rs. 237.7 respectively, after opening at 242. Altogether 309062(NSE+BSE) shares have been traded on the counter so far; and the stock is currently trading above its 200 DMA.
Consolidated Results Q2FY17:
Sobha Ltd.’s consolidated Q2FY17 results have come in as a mixed bag in comparison with Bloomberg estimates. Revenue has come in 8.5% greater than the estimate of Rs 499 cr. EBITDA stands 13.4% greater than the estimate of Rs 91 cr. Net profit, however, is 11.6% lesser than the estimated figure of Rs 40 cr.
The quarter's revenue has increased 8.2% yoy to Rs 541.1 cr, triggered by 10% yoy growth in real estate segment.
Sobha's EBITDA has dropped 4.7% yoy to Rs 103.4 cr, driven by 259 bps yoy fall in EBITDA margins. This can be majorly attributed to 7.8% & 6.4% yoy increase in expenses of subcontractors & other charges and purchase of project material respectively.
The company's reported net profit has eroded by 11.6% yoy to Rs 35.1 cr, triggered by higher effective tax rate, which has risen to 43% from 36%.
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