Shares of Sobha Developers were up 3 percent intraday on Friday as the company released operational performance for December quarter and FY14. The company reported a sequential growth in pre-sales, selling 0.92 million square feet in Q4FY14. It saw 20 percent growth in new sales valued at Rs 605 crore in the last quarter of the fiscal.
All four key markets for the real estate developer - Bangalore, Gurgaon, Trissur and Chennai saw sequential improvement, it said. During the quarter, Sobha launched four new residential projects in the southern markets with cumulative area of 3.6 million square feet, skewed towards the second half of the quarter (Sobha Silicon Oasis and Sobha Valley View in Bangalore, Sobha Rio Vista in Calicut, and Sobha Isle in Cochin).
The company achieved new sales value of Rs 2,343 crore versus guidance of Rs 2,600 crore. Slow down in the sector, particularly NCR Gurgaon region dented its growth, the company reasons.
The real estate company, however, is confident of improving sales performance in FY15 due to recent launches in March 2014 and healthy pipeline.
"We launched four projects of which two were in Bangalore and the other in Kerala. These projects have total area of 3.6 million square feet and seen really good response. Infact, we have seen Bangalore market perform 20 percent better," JC Sharma, vice chairman and managing director, Sobha Developers said in an interview to CNBC-TV18.
Goldman Sachs is bullish on the stock and recommends buying the stock for a target of Rs 485. "Though the company missed their earlier fiscal year guidance due to slower sales momentum in Gurgaon, Q4 sales indicate strong sequential improvement in pre-sales largely on account of new launches," it said.
At 13:38 hrs, the stock was quoting at Rs 386.00, up Rs 7.55, or 1.99 percent on the BSE.
(Posted by Nasrin Sultana)
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