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ICICI Securities Report
We recently hosted Mr. Jagadish Nangineni, the newly appointed Managing Director of Sobha Ltd. for an interaction with investors. Mr. Nangineni has been elevated to the role of MD effective March 14, 2022 and served as the Deputy MD of the company prior to his elevation. He brings ~20 years of experience in the field of real estate and has been associated with the company since 2009, overseeing its operations in Ahmedabad, Chennai, Gurugram and Pune regions.
Mr. Nangineni reiterated in the call that he will look to take the company forward in its growth aspirations to reach 6-7 million square feet of annual sales volumes while looking to reduce debt levels further.
He also stressed on the need to bring in quality supply rather than just quantity to ensure increased sales velocity in new project launches taking into account customer preference and project location.
We believe that Sobha’s strategy to elevate incumbent senior management personnel is a positive move and will ensure continuity in executing the company’s strategy.
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