ICICI Direct's research report on Sobha
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.
Outlook
The 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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