Sobha - Gurugram Market Drives Sales Bookings: ICICI Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.Sobha Ltd. achieved Q3 FY23 gross sales bookings of 1.47 million square feet worth Rs 14.2 billion versus our estimate of Rs 12.0 billion and is the best ever quarter for the company in value terms for sales bookings. The Gurugram market which saw release of new inventory of 0.7 msf was the key driver with volumes of 0.35 msf and accounted for 24% of the quarter’s sales volumes. While the strong start to H1 FY23 had led to the company revising its FY23 guidance to 10-15% YoY volume growth and 15-20% YoY value growth, given the strong nine months-FY23 performance with gross sales bookings worth Rs 37.3 billion (up 35% YoY), we believe that Sobha is well on track to achieve its FY23 guidance and we maintain our FY23E and FY24E gross sales booking value estimates of Rs 51.0 billion and Rs 55.4 billion, respectively. Key risks are slowdown in residential demand and a rise in the company’s debt levels..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Sobha - Gurugram Market Drives Sales Bookings: ICICI Securities

The Gurugram market clocked sales volumes of 0.35 msf and accounted for 24% of the quarter’s volumes.

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