J C Sharma, vice chairman and managing director, Sobha Developers expects to post good numbers in Q1FY15 as most of the company's latest projects were launched in March-end and hence, will be reflected in Q1 numbers
The slowdown in realty sector is not preventing developers from launching new projects. Speaking to CNBC-TV18, J C Sharma, vice chairman and managing director, Sobha Developers , says he expects better margins in FY14 than its preceding year.
Though the company has seen weak demand in Gurgaon-NCR region, its projects in Bangalore and Kerala have meet good response.
Also read: Won't meet FY14 guidance; margins seen at 28%: Sobha
"We launched four projects of which two were in Bangalore and the other in Kerala. These projects total an area of 3.6 million square feet and have see really good response. Infact, we have seen Bangalore market perform 20 percent better," adds Sharma.
On the road ahead, Sharma expects to post good numbers in Q1FY15 as most of its latest projects were launched in March-end and hence, will be reflected in Q1 numbers.
"We expect the Bangalore market to keep the momentum going and though Kerala is a small market, we are hoping to capitalize on it. Though NCR and Mumbai haven't performed that well, they do have tremendous potential," he explains.
Below is the edited transcript of the interview to CNBC-TV18.
Sonia: Take us through the Q4 performance and extrapolate how the new projects in Q4 that you have launched will help you Q1 onwards?
A: We did launch four projects in Q4; two in Bangalore and two in Kerala, totaling about 3.6 million square feet. Both the projects in Bangalore met good response which means that our performance for the Bangalore, in this quarter as well as the overall performance for the year among all the cities for this quarter, was far better by about 20 percent more than the preceding quarter.
The prices also remained stable. In Bangalore we realized about Rs 6,747 per square feet in the last quarter and about Rs 7,000 in the whole year and the 10 percent overall increase in the price realisation shows that on year-on-year basis, we got 6 percent more in value whereas we lost out about 4 percent in volume throughout the year.
Going forward, we believe that since three of these four projects were launched, on the last seven-ten days of March month, the benefit of that should start showing from this quarter onwards.
Sobha Developer stock price
On April 01, 2014, Sobha Developers closed at Rs 358.65, down Rs 15.45, or 4.13 percent. The 52-week high of the share was Rs 425.00 and the 52-week low was Rs 214.10.
The company's trailing 12-month (TTM) EPS was at Rs 22.07 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 16.25. 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 1.66.
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