Q1 business update: Sobha records 27.9% YoY in total sales

Real estate firm Sobha Ltd recorded an increase of 27.9% year-over-year (YoY) in total sales for the quarter ended in June FY24, which is the highest-ever quarterly sales value. Sales volume also increased by 2.6% YoY to 1.39 million square feet.

Reacting to this news, shares rose more than 4% to Rs 579.2 in Friday's BSE trading. In comparison to the same period last year, the price realization for the June quarter increased by 24.6% to Rs 10,506 per square foot. In Q1 FY24, the company finished building 624 residences totaling 0.97 million square feet of saleable space.

The business reported that Bengaluru made up 54% of the overall selling value, thanks to better price realization and a shift in the product mix towards the premium market.

With the release of new inventory in Marina One in Kochi and SOBHA Metropolis in Thrissur, sales in the Kerala region significantly increased by 55% compared to the previous quarter, the company said in the filing.

NCR has maintained its success thanks to a solid market position. The increased growth and visibility of GIFT City projects has increased demand for them, it was added.

Source: Media reports