Motilal Oswal's research report on Oberoi Realty
OBER delivered a steady 1QFY23 in terms of bookings, which fell 18% QoQ to INR7.6b due to seasonality, but grew 348% YoY. The sequential decline was attributed to moderate sales performance in Sky City (Borivali) and Maxima (JVLR project) due to limited inventory. Elysian (Goregaon) and Eternia (Mulund) projects gained further traction, with bookings of 39 units (v/s 27 units in 4QFY22) and 30 units, respectively. The pipeline for FY23 remains strong as it is planning to launch the first phase of its Thane project, along with a tower each at its Elysian and Sky City. Coupled with a restart in sales at Three Sixty West (Worli), we expect OBER’s pre-sales to increase by 22% YoY to INR48b in FY23.
Outlook
We reiterate our Buy rating on the stock with an unchanged SoTP-based TP of INR1,100 per share, implying an upside potential of 28%. We reiterate our Buy rating.
More Info
At 16:01 hrs Oberoi Realty was quoting at Rs 894.00, up Rs 37.95, or 4.43 percent.
It has touched an intraday high of Rs 905.00 and an intraday low of Rs 856.05.
It was trading with volumes of 49,025 shares, compared to its thirty day average of 13,909 shares, an increase of 252.46 percent.
In the previous trading session, the share closed up 0.87 percent or Rs 7.40 at Rs 856.05.
The share touched its 52-week high Rs 1,051.90 and 52-week low Rs 643.95 on 03 November, 2021 and 20 August, 2021, respectively.
Currently, it is trading 15.01 percent below its 52-week high and 38.83 percent above its 52-week low.
Market capitalisation stands at Rs 32,506.04 crore.
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