Sobha rose 5.22% to Rs 432.35 after the realty firm reported its best ever quarterly sales volume in Q3 December 2020 without any major launch during the quarter.
During Q3 FY21, Sobha achieved total sales volume of 11,33,574 square feet of super built-up area valued at Rs 888 crore, with a total average realization of Rs 7,830 per square feet. Sales volume, total sales value are up by 27% and 29% respectively as compared to Q2 FY21.The company said it posted better sales numbers during Q3 FY21 compared with the pre- Covid level Q3 FY20 due to good demand witnessed across all product categories where Sobha is operating.
Sales volume, total sales value, Sobha's share of sale value and price realization are up by 6%,22%,12% and 15% respectively as against Q3 FY20. Sales volume achieved at Gurugram, Pune and Thrissur regions during Q3 FY21 have grown by 92%, 87% and 59% respectively as compared to Q3 FY20.
Total price realization of Rs 7,830 per square feet achieved during Q3 FY21 is the highest price realization achieved during past six quarters. During the quarter, the company has launched 'Sobha City -Athena' project in Bengaluru, an extension of the existing Sobha City project, with residential super built-up area of 121,606 square feet and super built-up area of 28,863 square feet commercial space.
With new launches planned across various cities in the next few quarters and inherent demand for housing continuing, our sales performance during H2-21 is expected to be better than H2-20. With our continuous focus on cash flow management, we were able to manage our net debt levels, finance cost and other costs during the quarter. Our average interest cost continues to come down as on 31st December 2020 as compared to previous quarters, Sobha said in a statement on Wednesday (6 January 2021).
Sobha is a real estate player primarily focused on residential and contractual projects. Its consolidated net profit tanked 75.8% to Rs 16.20 crore on a 33.4% drop in net sales to Rs 522 crore in Q2 September 2020 over Q2 September 2019.
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