In-line bookings; pipeline provides healthy visibility

Company
12 Aug 2024
5 Min read 
  • Sobha reported 1QFY25 results with changes in estimates, target price, and rating.
  •  The company's performance was driven by the newly-launched premium project Sobha Aranya in Gurugram.
  •  Total collections were up 21% YoY to INR14b, leading to an 80% YoY jump in OCF to INR4b.
  •  The company plans to launch 6msf over the next three quarters across all markets.
  •  The company trades at 8.5x FY25E EV/EBITDA, indicating a 32% upside potential.
  •  Sobha's ongoing and upcoming projects are likely to generate INR150b of gross cash flows.
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