sobha developers (Emkay) Muted Q4 FY11, steady FY12E

No land monetization and higher share of contractual business in topline led to de-growth in financials; New launches in 3 new cities should mitigate high interest rate threat on sales; Expected net cash inflows of Rs 10.3bn from ongoing projects over next 3-3.5 years
Date Rating Target Price Recommendation Price Broker house
10 May 2011 not rated -- 278 Emkay Report

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