Buy Oberoi Realty; target of Rs 635: ICICI Direct

ICICI Direct is bullish on Oberoi Realty has recommended buy rating on the stock with a target price of Rs 635 in its research report dated January 27, 2021.

Broker Research

February 05, 2021 / 19:13 IST

buy_74741686

26 Aug, 2025 12:21

Volume

Todays L/H

ICICI Direct's research report on Oberoi Realty

Oberoi Realty’s (ORL) Q3FY21 sales volume at 5.1 lakh sq feet was up a staggering ~2.3x YoY, driven by strong volumes across its projects. On the financials front, revenues improved 57.1% YoY to Rs 828.4 crore wherein residential revenues were at Rs 703.3 crore, up 84% YoY, given the sale of complete/near complete projects like Esquire, Enigma and Sky City translated into high revenue recognition. The washout performance in hospitality continued with revenues of Rs 11.1 crore vs. Rs 38.2 crore in Q3FY20, down 71% YoY, albeit sharply better than Rs 6.4 crore in Q2, up 74.4% QoQ. Rental revenues (from mall and office assets) were at Rs 104 crore, up 13.5% YoY. EBITDA margin improved 258 bps YoY to 46.2% on account of strong revenue recognition. PAT at Rs 286.7 crore, was up 93.4% YoY, owing strong operating performance.

Outlook

We maintain BUY with a revised target price of Rs 635/share (earlier Rs 485).

For all recommendations report, click here