Religare maintains buy on Oberoi Realty, sees 34% upside
Boosted by strong sales, Oberoi Realty posted strong revenue growth in the quarter ended March 31, 2013. Brokerage firm Religare maintains a buy on the stock and sees an upside of 34.4 percent with a target price of Rs 350.
April 23, 2013 / 14:17 IST
Moneycontrol Bureau
Boosted by strong sales, Oberoi Realty posted strong revenue growth in the quarter ended March 31, 2013. Brokerage firm Religare maintains a buy on the stock and sees an upside of 34.4 percent with a target price of Rs 350. According to Religare, the Mumbai-based real estate firm will improve volume visibility on new launches which is likely to shore up cash flows.Also read: Oberoi Realty gains 2% post Q4 earnings As the commercial launch of Worli/Mulund projects in H1FY14 and recommencement of construction at Esquire in May’13 are likely to perk up revenue, steady ongoing projects will add to cash piles, the brokerage added. "While the order book (unrecognised sales) remains strong at Rs 21bn, growth in revenue/PAT is contingent upon new project launches and commencement of construction at Esquire (expected in May’13)," it said in a report.Led by higher sales and revenues from Oberoi Splendor, revenues of Oberoi Realty grew by 19.3 percent year-on-year to Rs 304 crore. Earnings before interest, tax, depreciation & amortisation jumped 8.4 percent to Rs 178 crore in January-March quarter. However, profit after tax rose marginally to Rs 145.2 crore from Rs 143.6 crore during the same period. At 10:13 hrs Oberoi Realty was quoting at Rs 260.00, down Rs 1.50, or 0.57 percent on the BSE. Nasrin Sultana
Nasrin.sultana@network18online.com Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
