Jan 08, 2014, 10.38 AM IST
Sobha Developers is likely to miss its FY14 guidance of 4.2 million square feet in sales and volumes of Rs 2,600 crore, Vice Chairman and Managing Director JC Sharma told CNBC-TV18. He, however, said he did not expect the sales weakness to continue into next year.
Tags Sobha Developers, sales, guidance, Bangalore, NCR, property, launch
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Likely to miss FY14 guidance but weakness temporary: Sobha
Sobha Developers is likely to miss its FY14 guidance of 4.2 million square feet in sales and volumes of Rs 2,600 crore, Vice Chairman and Managing Director JC Sharma told CNBC-TV18. He, however, said he did not expect the sales weakness to continue into next year.
Like this story, share it with millions of investors on M3
Likely to miss FY14 guidance but weakness temporary: Sobha
Sobha Developers is likely to miss its FY14 guidance of 4.2 million square feet in sales and volumes of Rs 2,600 crore, Vice Chairman and Managing Director JC Sharma told CNBC-TV18. He, however, said he did not expect the sales weakness to continue into next year.
We do not expect sales weakness to continue into next year.
JC Sharma
VC
Sobha Developers
The company had said it intended to sell 4.2 million square feet for sales of Rs 2,600 crore in FY14 but in the first nine months of FY14, it has only managed to sell 2.66 million square foot.
Most brokerages continue to remain overweight on the stock.
Also read: Sobha slides 4%; brokerages not worried
The company's Vice Chairman and Managing Director JC Sharma admitted in a CNBC-TV18 interview that third-quarter sales had been a disappointment. He attributed the slowdown to weakness to below-average performance seen in the NCR region and some delays in Bangalore property launches.
While admitting FY14 sales guidance looked difficult to achieve, Sharma said he did not expect the weakness to continue into next year.
Sobha Developer stock price
On January 08, 2014, at 11:14 hrs Sobha Developers was quoting at Rs 310.50, down Rs 1.45, or 0.46 percent. The 52-week high of the share was Rs 472.40 and the 52-week low was Rs 214.10.
The company's trailing 12-month (TTM) EPS was at Rs 21.83 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 14.22. The latest book value of the company is Rs 215.85 per share. At current value, the price-to-book value of the company is 1.44.
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