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Bengaluru/Gurugram drives Sobha Q3 sales volumes up 17% YoY

News: Sobha has achieved sales volume of 1.32 mn sq ft (up 17% YoY, flat QoQ) during Q3FY22 valued at Rs.1,048 crore (up 18% YoY, flat QoQ). Further, average price realization during Q3FY22 has grown 4% QoQ. The overall sales were primarily driven by good sale numbers achieved in Bengaluru, Gurugram and Pune.

Views: The key positive is that its cash flow was healthy during the quarter, which has resulted in net debt reduction (quantum not specified). We highlight that deleveraging (current net D/E at 1.1x )will be key driver for Sobha’s rerating ahead.

Impact: Positive