Sobha Ltd Share Price – NSE  /  BSE

Realty, Small Cap

The key equity barometers traded with modest gains in morning trade. The Nifty scaled above 22,750 mark. Realty shares extended gains for third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 334.31 points or 0.43% to 75,066.42. The Nifty 50 index added 88.65 points or 0.39% to 22,754.95.

The Sensex and Nifty clocked an all-time high of 75,124.28 and 22,765.30, respectively in early trade. Further, the Nifty Bank index also registered a fresh record high today at 48,856.65.

In the broader market, The S&P BSE Mid-Cap index rose 0.30% and the S&P BSE Small-Cap index added 0.52%.

The market breadth was positive. On the BSE, 2,007 shares rose and 1,425 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty realty index advanced 1.38% to 963.35. The index rallied 4.20% in three trading sessions.

Sobha (up 7.26%), Godrej Properties (up 5.67%), Sunteck Realty (up 2.51%), Brigade Enterprises (up 2.09%), Macrotech Developers (up 0.98%), DLF (up 0.9%), Oberoi Realty (up 0.63%) and Prestige Estates Projects (up 0.39%) advanced.

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Omaxe rallied 6.38% after the wholly owned subsidiary and special purpose company (SPC) of Omaxe, Worldstreet Sports Center, will be developing an international cricket and football stadium, an indoor stadium along with a retail and hospitality hub spread across an area of 50.40 acres in Delhi's Dwarka area for around Rs 1500 crore.

Strides Pharma Science shed 0.17%. The pharma major said that its step‐down wholly owned subsidiary Strides Pharma Global Pte., Singapore, has received approval for Fluoxetine Tablet from the United States Food & Drug Administration (US FDA).

Dilip Buildcon rose 1.77% after the company was declared as lowest bidder for the tender floated by the Haryana Rail Infrastructure Development Corporation Limited on EPC mode in Haryana. The project is worth Rs 1,092.46 crore.

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However, on a sequential basis, total sales decreased 22.93% from Rs 1,951.6 crore recorded in Q3 FY24.

Sobha’s share in sales value was Rs 1,273.5 crore, down 26.62% QoQ while up 5.47% YoY.

Average price realization was down 4.28% QoQ but up 13.46% YoY at Rs 11,230 per square feet.

Quarterly new sales area stood at 1.33 million square feet (sft), registering de-growth of 19.49% over Q3 FY24 and 9.41% over Q4 FY23.

During Q4 FY24, the realtor launched 4 new residential projects in this quarter with a total saleable area of 3.17 million sft.

Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes.

The company’s consolidated net profit increased 52.59% to Rs 15.08 crore despite of 21.10% decrease in revenue from operations to Rs 684.93 crore in Q3 FY24 over Q3 FY23.

The scrip fell 0.78% to currently trade at Rs 1,551.85 on the BSE.

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Sobha Developers (Pune), a wholly owned subsidiary of Sobha has entered into a Share Purchase Agreement (SPA) today on 02 April 2024, with BNB Builders (BBPL) to acquire 100% equity shares of the BBPL, as stipulated in the SPA. With the acquisition of the said equity shares, BBPL will become a wholly owned subsidiary of SDPL and a step-down subsidiary of the Company.

The acquisition will enable the Company to execute a project in approx. 2.03125 acres of land situated at Village Pawala Khusrupur, Sector 106, Sub-Tehsil Kadipur, District Gurugram, Haryana.

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Revenue from operations fell 21.10% to Rs 684.93 crore in Q3 FY24 from Rs 868.16 crore recorded in the corresponding quarter previous year.

Profit before tax was at Rs 21.36 crore in Q3 FY24, registering de-growth of 39.18% as against Rs 35.12 crore reported in Q3 FY23.

EBITDA declined 13.23% to Rs 102.9 crore in the third quarter of FY24 as compared with Rs 118.6 crore recorded in Q3 FY23. EBITDA margin improved to 14.4% in Q3 FY24 as compared wirth 13.2% registered in Q3 FY23.

The company’s sales value jumped 36.98% YoY to Rs 1,951.6 crore in Q3 FY24 from Rs 1,424.7 crore recorded in corresponding quarter last year.

The Average Price Realization stood at Rs 11,732 per sft in Q3 FY24, registering growth of 22% YoY as compared with 9,653 per sft recorded in Q3 FY23

During the quarter, the company has launched two new projects with a total saleable area of 3.84 million sft.

Meanwhile, the company’s board has approved to acquire shares of C.V.S. Tech Park Private (associate company).

The company holds 49% shares of C.V.S. Tech Park and it will acquire remaining 51% shares, which will make C.V.S. Tech Park, wholly owned subsidiary of Sobha.

On 9-Month basis, the company’s consolidated net profit decreased 24.32% to Rs 42.08 crore in 9M FY24 as compared to Rs 55.60 crore recorded in 9M FY23. Revenue from operations rose 11.13% YoY to Rs 2,334.08 crore in 9M FY24.

Jagadish Nangineni, managing director, Sobha said, In Q3 of this fiscal year, sobha achieved its highest-ever sales value and realisation, driven by robust housing demand and the successful launch of Sobha Neopolis in Bengaluru. Our steadfast dedication to delivering top-quality real estate has amplified the demand for Sobha homes across all operating cities.

With a keen focus on new launches and clear inventory visibility across projects at various stages, we are poised to execute our growth plans effectively. Our focus on cash flow and disciplined capital allocation strengthens our financial and operational capabilities while expanding our inventory for growth. Aided by a robust financial and operational model, we are well-positioned to leverage India's positive and growth oriented socio-economic environment.

Sobha is engaged in the business of real estate construction, development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities. The company is also engaged in manufacturing activities related to interiors, glazing and metal works and concrete products which also provides backward integration to Sobha’s turnkey projects.

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