Sobha Limited shares reversed a 5.4% intraday drop and rose 3.05% on Oct. 21, following results that showed lower quarterly profit alongside record first-half property sales.
The Indian developer’s stock traded at ₹1,211.90 at 6:28 a.m. ET (10:28 UTC), according to National Stock Exchange data displayed by Upstox. It had opened at ₹1,148.80, below its previous close of ₹1,176.00, and reached a session low of ₹1,112.10. The quote captured a gain at that time, not a closing price.
Sobha reported profit after tax of about ₹330 million for its fiscal second quarter ended Sept. 30, down roughly 55% from ₹725 million a year earlier. Total income fell to ₹10.172 billion from ₹14.693 billion, its Oct. 19 investor presentation showed. That measure includes other income.
Property sales moved in the opposite direction. Sobha said second-quarter real estate sales value rose 16% from a year earlier to ₹22.06 billion. For April through September, sales value reached a company record of ₹58.62 billion, up 47.2%, while collections increased 4.8% to ₹40.09 billion.
Sales value measures property bookings, which differ from income recognized during the quarter. Sobha said ₹220.41 billion in revenue from units sold through Sept. 30 had yet to be recognized. Its presentation did not specify when that revenue would be recognized.
Sobha attributed its first-half sales performance to demand for new launches and existing projects. Managing Director Jagadish Nangineni pointed to planned launches and the company’s development pipeline as it looked to the fiscal second half.
