Shares of real estate company Sobha rose 7% after the company reported that net sales in Q4FY21 increased to 13,37,707 square feet, up from 9,05,710 square feet in the previous year.
On all operational parameters, this was the best quarter in the company's history. This reflects the company's efforts in having launched at the right time, digital marketing, maximising the use of in-house capabilities, and operational efficiency. SOBHA's expansion into multiple regions is paying off, with market share gains in all of its operating cities.
"We are pleased to inform that Q4-21 has been best-ever quarter in the history of the company," the company said in the statement.
"However, uncertainties of second Covid-19 wave and its impact is yet to be assessed. Similarly, increase in input cost also needs to be monitored. Sobha, due to its unique self-reliant business model, will be able to face any such future challenges," it added.
Total sales value increased to Rs 1,072 crore in Q4FY21 from Rs 694.5 crore in Q4FY20, but full-year sales fell to 40,13,381 square feet from 40,71,704 square feet in FY20. In comparison to FY2019-20, the company achieved 9% higher value-added sales and 10% higher average price realisation.
The company's gross sales volumes in Q4FY21 were 1.34 million square feet, up 48% year on year (YoY), driven by a healthy uptick in Bengaluru and continued momentum in Kochi/Gurugram markets.
At 10:50 am, the stock was trading 6.78 per cent higher at Rs 459.10 on the BSE, as compared to a 0.51 per cent rise in the S&P BSE Sensex. It touched an intra-day high of Rs 468 during the trade. It hit a 52-week high of Rs 495 on January 13, 2021.