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ICICI Securities Report
As per Sobha Ltd.'s business update, the company has achieved its best ever quarterly volumes in Q2 FY22 with gross sales bookings of 1.35 million square feet worth Rs 10.3 billion which were up 51% YoY in volume terms and 49% YoY in value terms driven by Bengaluru, Gurugram and Pune markets.
While in Q1 FY22 Sobha saw a muted performance owing to the second Covid-19 wave across India, the improved Q2 FY22 performance reflects the strong demand in South India driven by hiring in IT/IT enabled services sector accompanied by salary hikes and low mortgage rates of 6.5-7.0%.
We expect this momentum to continue into H2 FY22 and beyond and we model for 4.8/5.3/5.4msf of sales volumes in FY22/23/24E.
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