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Sobha Q2 Results Review – Sales Momentum Intact: ICICI Securities

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Sobha Ltd. achieved Q2 FY23 gross sales bookings of 1.34 million square feet worth Rs 11.6 billion versus our estimate of Rs 11.0 billion and is the best ever quarter for the company in value terms for sales bookings.

While the company had earlier guided for flattish gross sales volume of ~5.0 msf in FY23E (4.9 msf in FY22) citing cost input pressures and rising mortgage rates, the strong start to H1 FY23 had led to the company revising its FY23 guidance to 10-15% YoY volume growth and 15-20% YoY value growth.

Given the strong H1 FY23 performance in spite of rising mortgage rates and strong launch pipeline, we believe that Sobha is well on track to achieve its FY23 guidance and we maintain our FY23E and FY24E gross sales booking value estimates of Rs 45.5 billion and Rs 49.0 billion, respectively.

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