Buy Sobha, target price Rs 750: ICICI Direct

ICICI Direct has buy call on Sobha with a target price of Rs 750. The current market price of Sobha Ltd. is Rs 628.45.
Sobha Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 5990.94 Crore) operating in Real Estate sector.

Sobha Ltd. key Products/Revenue Segments include Income From Construction Work, Income From Financial Services, Land Development Rights, Income From Glazing, Income From Interiors, Concrete Blocks, Rental Income, Scrap for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 690.60 Crore, up 16.03 % from last quarter Total Income of Rs 595.20 Crore and down -17.03 % from last year same quarter Total Income of Rs 832.30 Crore. Company reported net profit after tax of Rs 19.20 Crore in latest quarter.



Promoter/FII Holdings
Promoters held 51.99 per cent stake in the company as of 30-Sep-2022, while FIIs owned 15.02 per cent, DIIs 13.71 per cent.