On-track projects, nil debt to boost results: Oberoi Realty

With projects being on track and nil debt will boost results in the coming quarters, believes Oberoi Realty's Vikas Oberoi. He told CNBC-TV18 that the fundamentals of the company continue to remain strong.
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Aug 05, 2013, 10.42 PM | Source: CNBC-TV18

On-track projects, nil debt to boost results: Oberoi Realty

With projects being on track and nil debt will boost results in the coming quarters, believes Oberoi Realty's Vikas Oberoi. He told CNBC-TV18 that the fundamentals of the company continue to remain strong.

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On-track projects, nil debt to boost results: Oberoi Realty

With projects being on track and nil debt will boost results in the coming quarters, believes Oberoi Realty's Vikas Oberoi. He told CNBC-TV18 that the fundamentals of the company continue to remain strong.

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To maintain my profits, I genuinely do not even need any sales, not for this quarter or for maybe couple of quarters.

- Vikas Oberoi (Chairman)

Oberoi Realty is confident of performing better in the coming quarters. To maintain profits, the company has sold enough and just needs to build and book profits in the next two quarters, says Vikas Oberoi, chairman and managing director of Oberoi Realty. All projects are going as per plan, he told CNBC-TV18.

In terms of financials, the company is debt-free and has ample cash in the bank too, he says. The margins for the firm have also increased as fundamentals of the company continue to remain strong, Oberoi adds.

Also read: Oberoi Realty Q1 net profit dips 33%, operating costs rise

Below is the edited transcript of his interview to CNBC-TV18.

Q: The stock has been hitting lows for a couple of days. Today the stock is down about 10 percent odd or so. Is there anything happening?

A: I am personally also surprised. All I can say is our fundamentals continue to be good. All projects are doing well. Worli continues to be under construction. We are on currently in the process of constructing the 24th floor. There were certain permissions pending for Esquire, even they have come in. So per se fundamentals of the company continue to be same. We have zero debt.

We have cash in bank and maybe just a market sentiment probably for the sector has not been favourable. However, this sort of market scenario is a plus for us, which is sitting on cash.  This will throw up opportunities for us. We are also surprised, but that is it. There is really not much that I can add to what I already know.

Q: There were some disappointments in your operational performance this quarter. Given the way the macro situation is panning out, how do you see your earnings shape up? Do you expect to see more pressure on your profitability going ahead?

A: If you see the margins, they have in fact increased. So there is no pressure on margin as such. We already have an order book where we are continuing to build. To maintain my profits, I genuinely do not even need any sales, not for this quarter or for maybe couple of quarters. We have already sold enough. We just have to build and book profit. So that also is not at all a concern.

We continue to be prudent with our buying and we are the only ones who are probably sitting with so much of cash, with zero debt. So from a strategy point of view nothing has really changed.

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