Q1FY24 spectacular performance: breakout moment as stock rallies more than 4 per cent!

Achieved highest ever quarterly sale value of Rs 14.65 billion, up by 27.9 per cent compared to Q1FY23.

On July 07, 2023, the shares of Sobha Limited surged 4.48 per cent, the scrip witnessed massive spurt in volume by more than 8.03 times. This impressive performance of the stock was observed despite a relatively stagnant opening for both Sensex and Nifty. 

The company announced their Q1FY24 operations updates, details are as follows:

• Achieved highest ever quarterly sale value of Rs 14.65 billion, up by 27.9 per cent compared to Q1-FY23.
• Highest average price realization of Rs 10,506 per sft, registering growth of 24.6 per cent compared to Q1-FY23 and 6.1 per cent compared to previous quarter Q4-FY23.
• Sobha’s share of sale value was Rs 11.28 million.
• Total sales volume is at 1.39 mn sft, with a growth of 2.6 per cent over Q1-FY23.
• Released inventory of 779,876 sft in our ongoing projects, mainly in Kerala projects.
• Completed construction of 0.97 mn sft of saleable area (624 homes) in the quarter Q1-FY24.

Earlier in July the company declared final dividend of Rs 3 per share. This reflects its commitment of providing substantial returns to its shareholders in the form of dividends. 

Sobha Limited, established in 1995, is a prominent real estate developer involved in the comprehensive process of constructing and operating townships, housing projects, commercial spaces, and other related ventures. In addition, the company is actively engaged in manufacturing activities related to interiors, glazing and metal works, as well as concrete products.

The stock has seen strong purchasing activity as it has provided gains of more than 78 per cent over the last three years. Investors to keep close eye on this trending stock.