Sobha records strong business performance for Q4

Sobha Limited announced its fourth quarter business update for FY19, on Monday. The company clocked a sales volume of 1,129,268 square feet in Q4FY19 worth Rs. 920.5 crore. The sales value for the quarter was up by nearly 13.3 per cent from the corresponding quarter of the previous year. Notably, the average realisation for the quarter improved to Rs. 8,152 per square feet from Rs. 7,993 per square feet in Q4FY18. The company believes that the average price realisation will fluctuate Quarter-on-Quarter due to the change in sales mix across various projects.

The sales volume of Bengaluru, Gurugram and Chennai markets have grown by 37 per cent, 34 per cent and 43 per cent QoQ respectively. Remarkably, despite flood in Kerala, the company achieved net sales of 1,11,425 square feet in Kochi in Q4FY19.

The company recorded a pre-sales of 4.03 million square feet worth Rs. 3,123 crore for the fiscal year 2018-19. The company said that it is the highest ever new sales booking, annually. Also, the company’s main market, Bengaluru achieved the highest ever new sales booking of 2.76 million square feet during the same period.

The company is looking to launch new projects in the upcoming few quarters in Bengaluru, Chennai, Thrissur, Coimbatore, Hosur and Pune. Further, the company believes that Pune will perform significantly better with the proposed launch of SOBHA Nesara. Further, the company is confident of achieving the same growth in the FY20E.