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Last Updated : Jan 24, 2019 12:46 PM IST | Source: Moneycontrol.com

Oberoi Realty rallies 6% as CLSA sees 23% upside though results below estimates

Oberoi Realty has reported a 14.8 percent on year growth in third quarter consolidated profit at Rs 138 crore and a whopping 48.4 percent increase in revenue at Rs 528.6 crore in Q3.

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Oberoi Realty shares climbed 6 percent intraday Thursday as global investment firm CLSA increased its price target for the stock by 13 percent though results came in below estimates.

The stock was quoting at Rs 464.40, up Rs 23.95, or 5.44 percent on the BSE, at 12:23 hours IST.

The research house has maintained buy call on the stock and hiked price target to Rs 543 from Rs 481 earlier, implying 23 percent potential upside from January 23's closing levels.

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"We hiked price target to reflect lower cap rates and discount rates, though results below estimates on project mix change," CLSA said.

The research house feels company's lease income is a bright spot and capex is being stepped up.

Oberoi Realty has reported a 14.8 percent on year growth in third quarter consolidated profit at Rs 138 crore and a whopping 48.4 percent increase in revenue at Rs 528.6 crore in Q3.

However, at operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) fell 2.4 percent year-on-year to Rs 188 crore and margin contracted to 35.6 percent during the quarter ended December 2018 against 54 percent in same period last year.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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First Published on Jan 24, 2019 12:44 pm
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