- 01 Nov 2021
- ICICIdirect Research
OBEROI REALTY: STRONG SHOW ON OPERATIONAL AND FINANCIAL FRONT
OBEROIRLTY - 1609 Change: -69.70 (-4.15 %)News: The company sold 443,716 sq ft in Q2 FY22, up by 2.4x on depressed base, with sales value of Rs.828.5 crore, up by 1.5x YoY. Oberoi Realty reported strong operational performance with strong sales volumes and superior financial performance led by higher revenue recognition. On the financial front, reported revenues grew 138.6% YoY to Rs.754.3 crore, driven by residential segment revenue recognition, which was at Rs.670.8 crore, up ~213% YoY, owing to the sale of complete/near complete projects, which translated into high revenue recognition. The reported PAT was at Rs.266.6 crore, (up 92% YoY), with beat due to superior operating performance.
Views: The residential segment sales volumes continue to remain robust. Going ahead, new launches 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.