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  • 29 Apr 2025
  • ICICIdirect Research

OBEROI REALTY POSTED Q4FY25 PRE-SALES OF RS 853 CRORES

OBEROIRLTY - 1735 Change: 58.40 (3.48 %)

News: Oberoi Realty posted Q4FY25 pre-sales of Rs 853 crores (-44.7% YoY, -51.7% QoQ) mainly aided by Three sixty west project (pre-sales up 139% YoY, up 251.4% QoQ at Rs. 533 crore) while other key projects saw lower pre-bookings viz. Elysian (-90% YoY, -52.7% QoQ) & Sky City (-87.6% YoY, -26.7% QoQ). For FY25, pre-sales improved to Rs 5,266 crores (+31.4% YoY). In terms of recently commissioned commercial projects Commerz III, revenue grew by 9.8% QoQ led by improvement in occupancy (81% in Q4FY25 vs 77% in Q3FY25), though margins dropped (78% in Q4FY25 vs 90% in Q3FY25). In terms of retail projects, revenue grew by 10% YoY (-0.7% QoQ) to Rs 53.31 crores led by improvement in average room rates (+18.9% YoY, +7.4% QoQ) to Rs 17610 per room rate, despite lower occupancy (79% in Q4FY25 vs 83% in Q4FY24 vs 79% in Q3FY25). Oberoi Realty posted revenue of Rs 1150 crores (-12.5% YoY, -18.5% QoQ) in Q4FY25 on account of lower residential revenue booking (down 26% YoY at Rs. 808 crore). Operating profit declined by 21.6% YoY to Rs 618 crores (-27.8% QoQ) on account of lower OPMs in residential (down 713 bps YoY) and rental (down 762 bps YoY). Consequently, PAT declined by 44.9% YoY to Rs 433 crores (-29.7% QoQ). For FY25, revenue grew by 17.6% to Rs 5286 crores. Operating profit grew by 28.8% YoY to Rs 3103 crores. PAT grew by 15.5% to Rs 2225 crores.

View: The company saw good pre-sales momentum in its key Three sixty west projects although sustenance sales in other key projects continued to see lower traction, which is likely due to price rise taken by the company. Newly commissioned Commerz III continued to see increased occupancy. Lower Q4FY25 earnings were led by lower revenue booking in residential projects along with decline in OPMs.

Impact: Neutral