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.