January 18, 2017 / 15:34 IST
Axis Direct's research report on Sobha Sobha reported 24% YoY drop in its pre-sales in Q3 (0.6msf/ Rs 3.7 bn) which was partially aided by strong pre-sales in October (festive season). While pre-sales were steady in November, the company saw nearly no pre-sales in December due to the demonetization drive.
Outlook
While enquiries are steady, conversions remain weak as customers are expecting price discounts. Thus, management plans to take a view on pre-sales guidance (FY17 target of Rs 20 bn; 73% achieved in 9M) post Budget. We believe the real impact of demonetization will be felt in Q4, which could see a sharper decline in pre-sales.
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