Indian homebuilder Sobha's profit drops for fourth straight quarter

Prestige Estates Projects

08/08/2024 13:02

BENGALURU, Aug 8 (Reuters) - Indian real estate developer Sobha  SOBH.NS  posted a fourth straight
drop in quarterly profit on Thursday, hurt by fewer launches and lower sales.
    The company's consolidated net profit sank 50% to 60.6 million rupees ($7.2 million) in the first quarter.
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    KEY CONTEXT
    The April-June period saw delays in approvals for real estate projects amidst general elections in the
country, resulting in fewer launches and a slowdown in sales.
    Sobha's peer Prestige Estates Projects  PREG.NS  also reported a lower profit for the quarter as unit
sales tumbled 40%.
    
    PEER COMPARISON    
                                  Valuation (next    Estimates (next 12                    Analysts' sentiment
                                    12 months)            months)          
                       RIC        PE      EV/EBIT  Revenue      Profit     Mean     # of      Stock to  Div
                                          DA       growth (%)   growth     rating*  analysts  price     yield
                                                                (%)                           target**  (%)
 Sobha                  SOBH.NS    46.56    28.47     26.18      193.25    Buy            12    0.95      0.17
 Brigade Enterprises    BRIG.NS    37.69    17.74     14.79       35.19    Buy            11    0.90      0.18
 DLF                    DLF.NS     53.25    65.14     24.18       27.54    Buy            15    0.90      0.62
 Prestige Estates       PREG.NS    57.37    20.82     33.11       -5.56    Buy            16    0.88      0.09
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading
above the PT
    
    APRIL-JUNE STOCK PERFORMANCE  
        
    
-- All data from LSEG
-- $1 = 83.9270 Indian rupees

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APRIL-JUNE STOCK PERFORMANCE    https://tmsnrt.rs/4dr7NAF
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 (Reporting by Anisha Ajith in Bengaluru; Editing by Savio D'Souza)
 ((anisha.ajith@thomsonreuters.com;))