Sobha shares jumped up to 3 percent on the October 5 morning after the real estate developer recorded its highest ever sales quarterly sale in the July-September period. A good performance in the same quarter also gave a boost to Macrotech Developer's stock.
Sobha also hit the milestone of quarterly sales of over 1,000 homes while its GIFT City projects recorded their best quarter.
In the September quarter, it recorded sales worth Rs 1,724 crore, a 26.1 percent year-on-year growth. It sold 1.69 million sft of developed space with an average price realisation of Rs 10,223 per sft.
City wise, Bengaluru achieved its highest ever sale value of Rs 932 crore (1 million sft). The Kerala region’s sales value for the first half of FY24 was higher than that for the entire FY23 on account of new inventory in existing projects.
On October 4, Sobha tanked nearly 5 percent as a Bengaluru court initiated criminal proceedings against the company for mortgaging Bengaluru properties without homebuyers' consent.
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Macrotech gains on best quarterly pre-sales
The stock of Macrotech Developers, which operates under the Lodha brand, also jumped around 2 percent after the company reported its best-ever quarterly pre-sales performance of Rs 3,530 crore in Q2FY24.
The realty firm achieved 48 percent of its FY24 pre-sales guidance despite no new locations being launched in the first of the FY24, it said.
With festival season about to begin and a strong pipeline for the second half with launches at seven new locations, the company is on target to meet its full-year guidance, Macrotech said.
Its collections for the quarter came in at Rs 2,750 crore. The real estate player told exchanges that it added two new projects (1.2 million sq. ft. of saleable area), and Rs 2,300 crore Gross Development Value (GDV) in Q2FY24.
With this, Lodha has already seen Rs 14,300 crore of new business addition in H1, achieving more than 80 percent of FY24 guidance.
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The company trimmed its net debt by Rs 540 crore during the quarter to Rs 6,730 crore. "We remain on the path to achieve our full year guidance of getting our net debt to below 1x of OCF or 0.5x of equity, whichever is lower," it said.
At 11.21 am, Sobha was trading at Rs 683.45 on the National Stock Exchange, up 2.91 percent from the previous close. Macrotech was up 1.2 percent at Rs 759.80.
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