SOBHA.NSE Sobha Ltd.

The company reported a surge in Q1 profits by 165 percent to Rs 12.05 crore, driven by other incomes and topline growth, despite a contraction in the operating margin

Sunteck Realty Ltd, KIOCL Ltd, Praj Industries Ltd, PVR Inox Ltd are among the other stocks to see a surge in volumes on BSE today, 07 July 2023.Sobha Ltd saw volume of 1.34 lakh shares by 10:46 IST on BSE, a 5.03 fold spurt over two-week average daily volume of 26586 shares. The stock increased 2.75% to Rs.570.70. Volumes stood at 60657 shares in the last session.Sunteck Realty Ltd registered volume of 6.85 lakh shares by 10:46 IST on BSE, a 4.11 fold spurt over two-week average daily volume of 1.66 lakh shares. The stock rose 7.72% to Rs.321.65. Volumes stood at 11.59 lakh shares in the last session.KIOCL Ltd clocked volume of 9047 shares by 10:46 IST on BSE, a 4 times surge over two-week average daily volume of 2263 shares. The stock lost 0.90% to Rs.187.00. Volumes stood at 1824 shares in the last session.Praj Industries Ltd witnessed volume of 2.23 lakh shares by 10:46 IST on BSE, a 4 times surge over two-week average daily volume of 55709 shares. The stock increased 7.41% to Rs.398.00. Volumes stood at 43255 shares in the last session.PVR Inox Ltd witnessed volume of 56557 shares by 10:46 IST on BSE, a 3.9 times surge over two-week average daily volume of 14489 shares. The stock increased 2.98% to Rs.1,417.60. Volumes stood at 27086 shares in the last session.

The companys share in sales values was at Rs 1,130.4 crore (up 18% YoY).Total sales volume stood at 1.39 million square feet in Q1 FY24, registering the growth of 2.6% from 1.35 million square feet recorded in Q1 FY23.Average price realization increased by 24.6% to Rs 10,506 per square feet in Q1 FY24 from Rs 8,431 per square feet in Q1 FY23.Sobha stated that Bangalore has contributed 54% to the total sale value, with improved price realization and product mix moving more towards luxury segment. Kerala region sales have witnessed significant improvement of 55% growth over previous quarter with release of new inventory in Marina One in Kochi and SOBHA Metropolis in Thrissur. NCR has continued to do well with an established market presence. Demand for GIFT City projects is on the rise with improved development and visibility.Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes.The real estate company reported a consolidated net profit of Rs 48.6 crore in Q4 FY23, steeply higher than Rs 14.2 crore posted in Q4 FY22. Net sales grew 70.34% year on year (YoY) to Rs 1,209.9 crore in the quarter ended 31 March 2023.

ICICI Direct is bullish on Sobha has recommended buy rating on the stock with a target price of Rs 891 in its research report dated July 06, 2023.

Bengaluru contributed 54 percent to the total sale value, with improved price realisation and product mix moving more towards luxury segment, the company has said