Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~12.3 mn square feet (msf) of unsold saleable area and ongoing contractual projects aggregating to 4.8 msf in various stages of construction. As on Q1FY23, Sobha has delivered ~121+ msf of developable area. Sobha has a real estate presence in 11 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Trivandrum, Gift City and Mysore.
OutlookThe consistency in sales volumes, collections and debt reduction is a positive surprise. We upgrade from HOLD to BUY rating. We value Sobha at Rs 750/share.
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