ORL reports strong show on operational, financial front

News: The company sold ~1.04 msf in Q3FY22, up 104% YoY, with sales value of Rs.1965 crore, up by 102% YoY driven by newly  launched Elysian Tower B in Goregaon in the last week of Oct’21. Oberoi Realty reported strong operational performance with strong sales volumes and superior bottomline on financial front. On the financial front, Reported revenues were muted YoY at Rs.832 crore with residential segment revenue recognition which stood at | 709.1 crore, up ~0.8% YoY. The PAT was at Rs.467.5 crore, (up 63% YoY), with beat due to recognition of Worli profits (under profit from associates) as the project received OC.

Views: The residential segment sales volumes continue to remain robust. Going ahead, new launches specially Thane will hold key for sales volume traction. We seek further clarity on the further residential launches and overall demand outlook coupled with status of rental and the hospitality segment from the management.

Impact: Positive