Sobha Developers - 1QFY14 operations: Bangalore retains strength - Kotak

Sobha sold over 0.9 mn sq. ft of area in 1QFY14 for a value of Rs6.1 bn. Blended average realization was 10% higher versus that for FY2013. We note strong sales of Sobha despite no significant project launches during the quarter. Sobha plans to launch around 10 residential projects in FY2014, which we believe will give sales impetus in a relatively slow market.

We maintain BUY on Sobha with a 12-month target price of Rs500.

Source : Equity Bulls

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