Sobha Developers rose 1.48% to Rs 384.05 at 11:12 IST on BSE after the company said it is confident of improving its sales performance in FY 2015 backed by the sales generated through recent launches in March 2014.
The announcement was made after market hours on Thursday, 3 April 2014.
Meanwhile, the S&P BSE Sensex was down 56.69 points or 0.25% at 22,452.38.
On BSE, so far 17,000 shares were traded in the counter as against average daily volume of 20,158 shares in the past one quarter.
The stock hit a high of Rs 390 and a low of Rs 381.60 so far during the day. The stock had hit a 52-week high of Rs 425 on 17 May 2013. The stock had hit a 52-week low of Rs 214.10 on 4 September 2013.
The stock had outperformed the market over the past one month till 3 April 2014, surging 18.25% compared with the Sensex's 7.46% rise. The scrip had also outperformed the market in past one quarter, jumping 13.63% as against Sensex's 7.95% rise.
The small-cap company has equity capital of Rs 98.06 crore. Face value per share is Rs 10.
Sobha Developers' total sales rose 24.46% to 0.92 million square feet in Q4 March 2014 over Q3 December 2013. Sales value rose 20.46% to Rs 605.10 crore in Q4 March 2014 over Q3 December 2013. Average price realisation declined 3.21% at Rs 6,568 per square feet (psf) in Q4 March 2014 over Q3 December 2013.
Sobha Developers said that at the close of the financial year ended March 2014 (FY 2014), the company has registered new sales area of 3.59 million square feet (msf) valued at Rs 2343 crore at an average price realisation of Rs 6,534 psf. The new sales value has increased by 5.78% and average price realisation has registered a growth of 10.8% year-on-year, Sobha Developers said in a statement.
At the beginning of FY 2014, the company had set a guidance of new sales valued at Rs 2600 crore comprising of 4.20 msf for FY 2014. Owing to the tough economic conditions and its consequent impact on the real estate market, particularly, in NCRGurgaon, the company achieved 3.59 msf of news sales area valued at Rs 2343 crore, Sobha Developers said.
Sobha Developers said it is confident of improving its sales performance in FY 2015 backed by the sales generated through recent launches in March 2014 along with a healthy launch pipeline for the coming quarters.
Sobha Developers' consolidated net profit rose 10.5% to Rs 58.10 crore on 26.6% growth in net sales to Rs 542.90 crore in Q3 December 2013 over Q3 December 2012.
Headquartered in Bangalore, Sobha Developers is primarily focused on residential and contractual projects.
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