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Indian real estate developer Sobha posted a fourth straight drop in quarterly profit on Thursday, hurt by fewer launches and lower sales.

The company's consolidated net profit sank 50% to 60.6 million rupees ($7.2 million) in the first quarter.

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KEY CONTEXT

The April-June period saw delays in approvals for real estate projects amidst general elections in the country, resulting in fewer launches and a slowdown in sales.

Sobha's peer Prestige Estates Projects also reported a lower profit for the quarter as unit sales tumbled 40%.

PEER COMPARISON

Valuation (next Estimates (next 12 Analysts' sentiment

12 months) months)

RIC PE EV/EBIT Revenue Profit Mean # of Stock to Div

DA growth (%) growth rating* analysts price yield

(%) target** (%)

Sobha 46.56 28.47 26.18 193.25 Buy 12 0.95 0.17

Brigade Enterprises 37.69 17.74 14.79 35.19 Buy 11 0.90 0.18

DLF 53.25 65.14 24.18 27.54 Buy 15 0.90 0.62

Prestige Estates 57.37 20.82 33.11 -5.56 Buy 16 0.88 0.09

* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.9270 Indian rupees