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He further added that currently they are operating from seven cities and by the end of the next financial year they will have presence in 10 cities across India.
Below is the edited transcript of his interview to CNBC-TV18
Q: Can you take us through the quarter that was, how did you do in terms of realizations and how do you see the current quarter doing?
A: In the last calendar year in particular and the last quarter in general, we believed that the interest costs will come down, the economy will start growing. We did not expect a slowdown in the IT sector. Instead the input and the labour cost had gone up and the availability of labour was also quite challenging. However, we did believe that structurally the demand had remained intact. The NRI interest in the Indian real estate has been growing significantly. The market from where we were operating there was a scope to ensure that we improve the volume. We also maintain the margins by judiciously passing the input increase cost.
When we looked back at the last financial year and the calendar year we have been able to achieve this through a judicious price increase of about 12 percent, also ensuring that we have a double digit growth in volumes. So, what you are seeing today is the benefit of that judicial increase. There we hope to do more than Rs 2000 crore of new sales in the current financial year.
Q: Quarter on quarter (QoQ) your sales have remained flat. It is not as if your volume has done very well it is your realisations that have done well. So, is there still some demand resistance at higher levels?
A: You have a point and that is why we are cautious in giving our guidance. We had given a guidance of about 14 percent increase in the volumes and 20 percent plus increase in the prices. We are cautious of these facts. However, at the same time when we look at our customers profile we find all 50 percent of the people do not take any loan.
The availability of loan to our customers has remained better than ever before. The benefit of the interest cost is getting started. It is passed onto where the leaders do the transactions now between 10 percent and 10.5 percent. Some of the banks are even going upto 30 years of loan. So, we are capitalizing on that aspect. It is to ensure that in this quarter also the volume growth momentum is maintained. We hope to achieve the volume growth, where we should be doing 3.75 million square feet in this quarter as well.
More to come...
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