Kotak Institutional Equities have maintained add rating with a fair value of Rs 515 on Sobha Ltd. Shares of Sobha ended down 0.8% at Rs 400.85 on Monday while BSE Sensex closed 787.98 points (1.90%) down at 40,676.63.
Company Financials
For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 783.90 crore, down -33.38% from last quarter sales of Rs 1176.70 crore and up 19.01% from last year same quarter sales of Rs 658.70 crore. The company has reported net profit after tax of Rs 67.00 crore in the latest quarter.
The company’s top management includes Mr.Anup Shah, Mr.J C Sharma, Mr.R V S Rao, Mr.Ravi PNC Menon, Mr.Seetharam Thettalil Parameswaran Pillai, Ms.Srivathsala Kanchi Nandagopal. Company has BSR & Co. LLP as its auditors, As on 30-09-2019, the company has a total of 94,845,853 shares outstanding.
Investment Rationale
Sobha delivered an improved operational performance with 1.1 million sq ft of sales volume in the third quarter for sales value of Rs 730 crore, the brokerage said. Launches remained weak with only 1.4 million square feet being launched in the nine months of FY20 against a target of 3.5 million square feet for FY20.
Source: Economic Times
