Sobha reports stable sales volume in Q4

News: Total sales volume was at 1.34 mn sq ft (flat YoY) valued at Rs 1109.6 crore (up 4% YoY). Additionally, the company has achieved best ever price realisation of Rs 8,265/ sq ft due to consistent demand across all the product segments and price increase. Bengaluru contributed 69.4% to over sales followed by Gurugram (17.4%), Kochi (4.3%) and Gift City (3.2%)

Views: We note that base quarter (Q4FY21) had healthy growth of 48% YoY and current volumes are, prima facie, decent despite operational hurdles at the start of quarter due to Omicron wave. On the positive front, the company has also mentioned that its consolidated net debt levels have reduced further QoQ, without mentioning the quantum

Impact: Positive