Sobha Ltd. share price target

Sobha's topline grew strongly by 81.6% YoY to | 1,397.8 crore led by 102.9% YoY growth in revenues from real estate division to | 1,017.3 crore. EBITDA margins contracted 30 bps YoY to 17.4% and were below our estimate of 20.8%. PAT grew robustly by 73.2% YoY to | 113.3 crore (our...

SDL has ~17.5mn sqft of unsold area in ongoing projects and expects to add 4.2mn sqft from new projects in the pipeline. A well diversified product mix across different regions augurs well for pre-sales recovery. Brand pull will certainly aid pre-sales efforts. Despite capex commitment of Rs 10bn we expect consolidated net D/E to reduce to 0.9x by FY21E (vs. 1.09x now). The contracting business is seeing good growth with an order book of Rs 26bn. We maintain BUY. Key risks: (1) Further deterioration in NBFC liquidity, (2) Higher interest rate, (3) Weak order inflow in the contracting business; and (4) Delay in regulatory approvals. We maintain BUY post a robust quarter. Our SOTP-based TP has increased to Rs 652 (vs Rs 646 earlier). We have increased our EPS estimate by 3/3.3% for FY20/21E.

Sobha Ltd. reported its Q4FY19 and results. The company recorded pre-sales volume of 1.1msf, up 11% YoY (up 24% QoQ)

Sobha is one of the reputed South-India based developers with a strong track record of quality construction and timely delivery led by a backward integrated business model.

Maintain BUY with TP of Rs 646/share. Sobha reported Revenue/PAT miss/beat of 10/8%. EBITDA margin expanded by 31bps YoY to 20.2% (-57bps QoQ). In the absence of IND AS 115, revenue/ APAT would have been higher/(lower) by Rs 674/(89)mn respectively.

Sobha's topline grew 13.9% YoY to | 787.9 crore (our estimate: | 692.4 crore) led by 36.4% YoY growth in revenues from the contractual division to | 310.8 crore (our estimate: | 234.6 crore) The EBITDA margin expanded 31 bps YoY to 20.2% but was below our estimate of 21.3% on account of higher revenue share from the low-margin construction business PAT grew robustly by 30.7% YoY to | 69.8 crore (our estimate: | 65.5 crore) led by strong topline growth...

ICICI Securities Ltd | Retail Equity Research Sobha's topline grew 1.9% YoY to | 658.7 crore (our estimate: | 681.4 crore) led by 78.0% YoY growth in revenues from contractual division to | 273.2 crore (our estimate: | 181.7 crore) The EBITDA margin expanded 198 bps YoY to 21.3%, in line with our...

Maintain BUY with TP of Rs 630/share. 2QFY19 Revenue came in at Rs 6.6bn (+2% YoY, +10% QoQ, 14% beat). EBITDA margin increased by 198bps YoY to 21.3% (-57bps QoQ). In the absence of IND AS 115, Revenue/ APAT would have been higher by Rs 2.2bn/120mn respectively.

Sobha's topline grew 18.6% YoY to | 800.5 crore (our estimate: | 775.5 crore) led by 37.3% YoY growth in revenues from contractual division to | 238.1 crore (our estimate: | 231.2 crore). Further, its real...

We maintain BUY with NAV of Rs 644/share. 1QFY19 Revenue (not comparable on account of IND AS 115 transition) came in at Rs 6.0bn (-12.0% YoY, -22.3% QoQ). IND AS-115 adjustments resulted in SDL reversing Rs 32.6bn revenue and Rs 7.6bn of profits and this will be re-recognized over the next 8-10 quarters depending on individual project completion.