Sobha rallies 8% on logging highest ever quarterly sales volume in Q1

Shares of Sobha Limited zoomed over 8% in Thursday’s trade after the company released its operational update for the quarter ended June 30, 2022.

In a release filed with exchanges, the company said it achieved the highest ever quarterly sales volume of 1.36 million square feet, up 51.7 per cent year-on-year (YoY).

The firm’s total sales value rose 67.7 per cent YoY to Rs 11.45 billion, it said, adding that its share of sales value was the highest ever at Rs 9,517 million.

"Bengaluru sales volume & value have been the highest ever since inception on the back of 3 new project launches for the company and their cash flows remained healthy during the quarter resulting in further net debt reduction," it said.

At 10:15 am, the scrip traded at Rs 624.20 around 6.8 per cent higher its previous close of Rs 584.10. It touched a day's high of Rs 635.85.

Sobha, incorporated in the year 1995, is a midcap company having a market cap of Rs 5,920.28 crore, operating in the real estate sector.