Sobha, Macrotech Developers’ shares jump on record Q2 sales, pre-sales
- The Bengaluru-based property developer Sobha said it recorded sales worth ₹1,723.8 crore in the quarter ended September 2023, witnessing a growth of 48.1% from ₹1,164.2 crore in the year-ago quarter.
Real estate stocks Sobha and Macrotech Developers rallied over 3-4% on Thursday after the developers reported strong sales and pre-sales for the second quarter of FY24.
Sobha share price jumped as much as 4.23% to ₹690.90 apiece, while Macrotech Developers shares gained as much as 3.20% to ₹773.95 apiece on the BSE.
The Bengaluru-based property developer Sobha said it recorded sales worth ₹1,723.8 crore in the quarter ended September 2023, witnessing a growth of 48.1% from ₹1,164.2 crore in the year-ago quarter.
The company posted the highest quarterly new sales area of 1.69 million sq ft in Q2FY24, up 26.1% YoY, with an average price realization of ₹10,223 per sq ft.
Sobha achieved a milestone of quarterly sales of over 1,000 homes. GIFT City projects recorded their best quarter, the company said.
Bangalore achieved its highest ever sale value of ₹932 crore, with over 1 million sq ft in area. Kerala region’s sale value in the first half of FY24 was higher than that in the entire FY23 led by release of new inventory in existing projects.
Sobha’s average price realization was at ₹10,223 per sq ft, growth of 17.4% YoY.
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Macrotech Developers logs best ever quarterly pre-sales
Macrotech Developers, or Lodha, said it achieved its best ever quarterly pre-sales performance of ₹3,530 crore in Q2FY24.
With this, the company achieved 48% of its FY24 pre-sales guidance despite no new locations being launched in H1.
“With festive season commencing shortly and strong launch pipeline for H2 with launches of 7 new locations, the company is on target to meet its full-year guidance,” Macrotech Developers said in a release.
The company’s collections during the quarter were at ₹2,750 crore.
It added two new projects totaling around 1.2 million sq ft of saleable area and ₹2,300 crore Gross Development Value (GDV) in the July-September quarter.
With this, Lodha has already achieved ₹14,300 crore of new business additions in H1FY24, achieving over 80% of FY24 guidance.
The company reduced its net debt by ₹540 crore during the quarter to ₹6,730 crore.
“We remain on the path to achieve our full year guidance of getting our net debt to below 1x of OCF or 0.5x of equity, whichever is lower,” Macrotech Developers said.
At 12:30 pm, Sobha Ltd share price was trading 3.87% higher at ₹688.45 apiece, while Macrotech Developers' shares were trading 1.14% higher at ₹758.45 apiece on the BSE.
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