Management has targeted pre-sales of Rs20 bn and 3.75 mn sqft for FY13. The company has reported Rs10.1 bn (up 28% yoy) and 1.78 mn sqft of presales in the first half of the year, which is traditionally the weaker half. We believe Sobha has maintained its robust sales growth through periodic launches and entry into new markets. Sobha is poised to launch 6 mn sqft in the upcoming 4 quarters in several locations in Bangalore, Thrissur, Pune, and Mysore.
Average prices increased to Rs5,575/sqft in 2QFY13 from Rs5,196/sqft in 2QFY12, up 7%. However pricing declined 3% qoq due to increased sales in Thrissur (lower pricing), while sales in Gurgaon (higher pricing) were flattish qoq.
In 2QFY13, Sobha sold 0.59 mn sqft in Bangalore, 0.14 mn sqft in Gurgaon, 0.12 mn sqft in Thrissur, and 0.1 mn sqft combined in Chennai, Coimbatore, Mysore and Pune. Qoq growth of 13% was driven by strong growth in Thrissur (168% qoq) and Bangalore (14% qoq).
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