Real estate developer Sobha’s shares surged 10% on the NSE after announcing a 242% YoY jump in Q4FY23 profit after tax to INR 48.6 crore ($6.5m) from INR 14.2 crore in Q4FY22. The Bengaluru-based company’s revenue from operations also increased 70% YoY to INR 1,210 crore for Q4FY23. Leading brokerages including Jefferies, Kotak Institutional Equities, Nuvama and ICICI Securities have recommended buying shares in Sobha following the announcement, with sales machinery, cash flows, and an expected rise in approvals for new projects factored in to the revised SOTP-based target price range of INR 679-891 ($9-$12).
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