ICICI Direct recommended hold rating on Sobha with a target price of Rs 525 in its research report dated August 14, 2019.
ICICI Direct's research report on Sobha
Sobha’s topline grew strongly by 81.6% YoY to Rs 1,397.8 crore led by 102.9% YoY growth in revenues from the real estate division to Rs 1,017.3 crore. EBITDA margins contracted 30 bps YoY to 17.4%, below our estimate of 20.8%. PAT grew robustly by 73.2% YoY to Rs 113.3 crore (our estimate: Rs 62.5 crore) led by strong topline growth.
Hence, we downgrade the stock to HOLD with a revised SoTP based target price of Rs 525/share.
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