Shares of leading real estate developer Sobha Ltd. gained over 5 percent on Monday after it recorded its best-ever quarterly sales in the three months ended March 2023.
In its operational update for the quarter and fiscal year ended March released on Thursday, Sobha said it has once again recorded its best-ever sales quarter with a value of Rs 1,463 crore, up 31.9 percent from a year ago and 2.7 percent over the previous quarter.
The company also said that it witnessed its highest-ever sales volume at 1.48 million square feet, which grew 10.1 percent year-on-year but was flat sequntially.
Sobha also saw its average price realization improve to Rs 9,898 per square feet during the quarter, up by 19.8 percent over same period last year and 2.5 percent growth over previous quarter.
For financial year 2023, the company saw sales worth Rs 5,198 crore, volume of 5.65 million square feet and average price realisation of Rs 9,200 per square feet.
Sobha is a Bengaluru-based real estate company having its presence across the country. The company’s board recently approved the continuation of Ravi PNC Menon as chairman and non-executive director of the company.
Shares of Sobha are trading 3.4 percent higher at Rs 465.50. The stock is down over 20 percent so far this year.