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Last Updated : Oct 07, 2019 02:22 PM IST | Source: Moneycontrol.com

Sobha dips 5% after tepid growth in Q2 sales volume

Sobha's share of sales value is at Rs 561 crore, down 9 percent compared to the same quarter last year.

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Shares of Sobha fell 5 percent intraday on October 7 after it reported a tepid growth in second quarter sales volume.

The stock has shed nearly 20 percent in the last one month. It was quoting at Rs 428.85, down Rs 18.45, or 4.12 percent on the BSE at 1357 hours.

The Bengaluru-based real estate company said during the quarter, it achieved new sales volume of 10,36,340 square feet valued at Rs 682 crore, with a total average realisation of Rs 6,584 per square feet.

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Sobha's share of sales value is at Rs 561 crore, down 9 percent compared to same quarter last year, it said .

The total sales volume in first half of FY20 increased by 5 percent to 20,99,972 square feet, compared to sales volume of 19,91,687 square feet, company said, adding company's share of sales value in first half of FY20 declined half a percent YoY to Rs 1,221.6 crore.

During the September quarter, the company launched SOBHA Blossom, a plotted development project in Chennai. This project is spread over 6.96 acres, with saleable area of 0.18 million square feet.

In total, it has launched 0.79 million square feet of projects in the first half of FY20, Sobha said.

With flood water receding across the country and advent of the festival season, the second half of FY20 should be better than the first half , the company said.

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First Published on Oct 7, 2019 02:22 pm
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