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ICICI Securities has buy call on Sobha with a target price of Rs 902. The current market price of Sobha Ltd. is Rs 737.8.
Time period given by analyst is one year when Sobha Ltd. price can reach defined target.
Sobha Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 6755.87 Crore) operating in Real Estate sector.
Sobha Ltd. key Products/Revenue Segments include Property Development, Income From Construction Work, Income From Glazing, Income From Interiors, Income From Financial Services, Concrete Blocks, Land Development Rights, Rental Income, Scrap for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 697.50 Crore, down -16.20 % from last quarter Total Income of Rs 832.30 Crore and up .17 % from last year same quarter Total Income of Rs 696.30 Crore. Company reported net profit after tax of Rs 32.70 Crore in latest quarter.
Investment Rationale
As per Sobha’s Q4FY22 operations update, the company has achieved gross sales bookings of 1.34msf worth Rs11.1bn which were flat on YoY and QoQ basis in volume terms and up 4% YoY and 6% QoQ in value terms aided by the company achieving its highest ever gross realisation of Rs8,265/psf. The Bengaluru market was again the key contributor with sales volumes of 0.93msf and contributed 69% of the total volumes followed by Gurugram which accounted for 17% of volumes. For FY22 overall, the company has clocked its best ever annual sales performance with gross sales bookings of 4.91msf worth Rs38.7bn. The brokerage expects this momentum to continue into FY23-24E with ~13msf of planned launches, and model for 5.9/6.4msf of sales volumes in FY23/24E. It maintains BUY rating with an unchanged Mar’22 SOTP-based target price of Rs902/share. Key risks to call are a slowdown in residential demand and a rise in the company’s debt levels.
Promoter/FII Holdings
Promoters held 51.99 per cent stake in the company as of 31-Dec-2021, while FIIs owned 18.06 per cent, DIIs 12.65 per cent.
Time period given by analyst is one year when Sobha Ltd. price can reach defined target.
Sobha Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 6755.87 Crore) operating in Real Estate sector.
Sobha Ltd. key Products/Revenue Segments include Property Development, Income From Construction Work, Income From Glazing, Income From Interiors, Income From Financial Services, Concrete Blocks, Land Development Rights, Rental Income, Scrap for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 697.50 Crore, down -16.20 % from last quarter Total Income of Rs 832.30 Crore and up .17 % from last year same quarter Total Income of Rs 696.30 Crore. Company reported net profit after tax of Rs 32.70 Crore in latest quarter.
Investment Rationale
As per Sobha’s Q4FY22 operations update, the company has achieved gross sales bookings of 1.34msf worth Rs11.1bn which were flat on YoY and QoQ basis in volume terms and up 4% YoY and 6% QoQ in value terms aided by the company achieving its highest ever gross realisation of Rs8,265/psf. The Bengaluru market was again the key contributor with sales volumes of 0.93msf and contributed 69% of the total volumes followed by Gurugram which accounted for 17% of volumes. For FY22 overall, the company has clocked its best ever annual sales performance with gross sales bookings of 4.91msf worth Rs38.7bn. The brokerage expects this momentum to continue into FY23-24E with ~13msf of planned launches, and model for 5.9/6.4msf of sales volumes in FY23/24E. It maintains BUY rating with an unchanged Mar’22 SOTP-based target price of Rs902/share. Key risks to call are a slowdown in residential demand and a rise in the company’s debt levels.
Promoter/FII Holdings
Promoters held 51.99 per cent stake in the company as of 31-Dec-2021, while FIIs owned 18.06 per cent, DIIs 12.65 per cent.
(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
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