ICICI Direct's research report on Sobha
Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~13.5 mn sq feet (msf) of unsold saleable area and ongoing contractual projects aggregating to 3.1 msf in various stages of construction. As on Q1FY23, the company has delivered ~120+ msf of developable area. It has a real estate presence in 10 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gift City and Mysore.
We incorporate higher sales volumes and remove discount to NAV. We maintain HOLD, given the ~30% run up in the last three months. We value Sobha at Rs 735/share.
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