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Last Updated : Apr 12, 2019 12:48 PM IST | Source: Moneycontrol.com

Real estate Q4 preview: DLF, Sobha, Kolte-Patil look strong

According to the research firm, during 4QFY19E, aggregate revenue will grow 11.2 percent, EBIDTA at 32.8 percent and APAT will grow at 28.1 percent YoY.

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HDFC Securities expects DLF, Oberoi Realty, Brigade Enterprises, Sobha and Kolte-Patil Developers to deliver strong financial results whereas Prestige could post bad financial performance.

According to the research firm, during 4QFY19E, aggregate revenue for the sector may grow 11.2 percent, EBIDTA at 32.8 percent and APAT will grow at 28.1 percent YoY.

Nifty Realty index gained 12.9 percent in the past 3 months and 33.6 percent in 6 months as NBFC liquidity eased out partially, government clarified GST input rules post the introduction of composite rates, prices became affordable.

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NBFCs will continue to face headwinds, despite easing of liquidity tightening. This will mark a shift towards banks sponsored NBFCs and banks. It will be negative for less reputed builders and will restrict supply and harden rates.

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Organised players with direct banking lines stand to gain market share. GST rate shift to composite scheme with 1 percent rate on affordable housing and 5 percent on others, will lower tax burden on buyers. This will result in price cut transmission.

Successful Embassy REIT listing will lead to balance sheet deleveraging of Prestige Estates and Brigade Enterprises, in case they proceed with a similar REIT listing strategy, THE BROKERAGE SAID.

Due to recent price performance, HDFC Securities downgraded Oberoi Realty and Prestige Estates to neutral from buy.

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 Apr 12, 2019 12:48 pm
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