Sobha

Sobha announced that a search by the Income Tax Department is being carried out at the registered office and other premises of the company

Bengaluru-based realty firm Sobha Ltd on Friday reported a 36 per cent growth in its sales bookings to Rs 1,424.7 crore for the quarter ended December 2022 on strong revival in demand. In a regulatory filing, Sobha Ltd informed that its sales bookings stood at Rs 1,047.5 crore in the year-ago period. Sobha Ltd achieved highest-ever quarterly sales bookings in the December quarter in terms of both volume and value. The average price realisation improved to Rs 9,650 per square feet, up 21.9 per cent from the corresponding quarter of last year. Achieved highest-ever quarterly sales volume of 1.47 million square feet, with an increase of 11.6 per cent compared to the previous year. During April-December period of this fiscal, Sobha Ltd's sales bookings rose to Rs 3,734.4 crore from Rs 2,760.6 crore a year ago. In the first nine months of this fiscal, the company achieved total sale of 4.17 million square feet, an increase of 16.9 per cent over the preceding year. The average price .

The company has achieved the highest ever quarterly sales volume of 1.36 million sft in April-June quarter, up by 51.7 per cent year-on-year.

Sharma will hold the position till March 31, 2022

The company posted a revenue of Rs 819 crore in the quarter, up 59 per cent on a year on year basis

The overall sales were primarily driven by good sale numbers achieved in Bengaluru, Gurugram, Pune and GIFT CITY

The company had sold properties worth Rs 689.9 crore in the year-ago period.

The real estate sector is undergoing major consolidation as very few developers have the financial stability to undertake large capital-intensive projects, Oberoi Realty's management said

Sprawling across lush open spaces, SOBHA Townpark is a first-of-its-kind luxury residential township in Bengaluru, themed on the architectural footsteps of New York

The company reported record sales bookings of Rs 1,072 crore during the last quarter of fiscal year 2020-21

Analysts, however, suggest investors remain selective on realty stocks and buy only where there is revenue visibility and a credible promoter backing

Bandhan Bank said its loans and advances grew by 23 per cent YoY to Rs 80,255 crore during the third quarter of the current fiscal

Its ability to reduce debt is crucial for further gains

Debt reduction over past two quarters is also positive

Total income, however, rose to Rs 3,825.7 crore in 2019-20 from Rs 3,515.6 crore in the preceding fiscal. Net profit in the fourth quarter of FY20 fell to Rs 50.7 crore

Prestige, Sobha top picks given their exposure to Bengaluru, other southern markets

The company's operational cash flows (OCFs) turned negative for the first time in the past five years

Street,however, worried over debt

The company said sales bookings for the first quarter of FY19 increased by 22% to Rs 7.62 billion as compared to corresponding quarter last year on higher volumes.

The stock surged 11% to Rs 564 on the BSE after the real estate developer said it has reported strong 40% year on year growth in sales volume for the quarter ended March 2018.