Buy Sobha; target of Rs 412: Axis Securities

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26 Aug, 2025 12:21

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Axis Securities's research report on SobhaSobha reported new sales of 0.8 msf (up 22% YoY) with a value of Rs4.8bn (up 12% YoY) in Q3FY16.Sales continue to be driven by the “Sobha Dream Acres” project,which contributed 45% to the company’s Bangalore sales (vs. 48% in Q2FY16).Barring Bangalore, Chennai and Thrissur, all other markets collectively reported 41%YoYdrop in sales. Steady sales in its core market of Bangalore without any new launch in the quarter augurs well for the company. Launch of its Gurgaon group housing project should also aid a better Q4 performance. However, with the 9MFY16 performance at 2.5 msf/ Rs 15 bn, Sobha will fall short of its full year guidance of 4 msf/ Rs 26 bn. We shall revisit our sales and launch assumptions post Q3 results.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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