- 22 Jul 2024
- ICICIdirect Research
OBEROI REALTY: WORLI UNITS SALE DRIVE PRESALES AND FINANCIAL PERFORMANCE*
OBEROIRLTY - 1621 Change: -36.30 (-2.19 %)News: Oberoi Realty (ORL) sold 139 units worth ₹ 1067 crore in Q1FY25 vs ₹ 476 crore in Q1FY24. We highlight the optical growth is owing to a) depressed base (37% decline in Q1FY24) and b) healthy sales of Worli – 6 units worth ₹ 475 crore sold during the quarter. On the financial front, reported revenues were up 54.4% YoY at ₹ 1405 crore, driven by strong revenue recognition in the residential segment (Worli sold units revenues fully recognised). PAT at ₹ 584.5 crore was 82% YoY, driven by strong revenue growth.
View: ORL’s key growth trigger ahead hinges on how the new launches especially Thane shape up and its expansion beyond MMR market. We seek clarity on the residential launch ahead and overall demand outlook coupled with status of rental and the hospitality segment from the management.
Impact: Positive