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ICICI Securities Report
Sobha Ltd. achieved record Q1 FY24 gross sales bookings of 1.39 million square feet worth Rs 14.7 billion (up 28% YoY in value terms), aided by the company achieving its highest-ever gross realisation of Rs 10,506/per square feet.
The Bengaluru market clocked 0.84 msf or 60% of the quarter's volumes and 54% of sales value. The strong start to FY24 comes on the back of a strong FY23 operating performance where the company had clocked its best-ever annual sales performance with gross sales bookings of 5.65 msf worth Rs 52.0 billion.
The company plans to launch 7-8 msf of new projects in FY24, of which 5 msf is expected to be in Bengaluru, 1 msf in Gurugram and balance in other cities.
If the approvals for all the planned launches come through, then the company is targeting 15-20% growth in gross sales bookings for FY24 (we model for sales bookings of Rs 57.8 billion in FY24E and Rs 61.1 billion in FY25E).
Another key positive in FY23 was Sobha's net debt levels reducing by Rs 7.0 billion to Rs 16.4 billion (net debt/equity of 0.66 times).
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