ICICI Direct's research report on Oberoi Realty
Oberoi Realty's (ORL) sales volumes declined 3.0% YoY to 1.47 lakh sq ft (lsf) (our estimate: 2.53 lsf), clocking sales value of Rs 241.6 crore Revenues grew strongly by 48.4% YoY to Rs 528.6 crore but were marginally below our estimate of Rs 557.2 crore on account of lower revenues from projects (Rs 393.9 crore vs. Rs 431.8 crore expected) EBITDA margins declined 1850 bps YoY to 35.6% (our estimate: 50.0%) on account of higher operating cost PAT grew 14.8% YoY to Rs 137.9 crore, though below our expectation of Rs 198.4 crore, on account of a sharp EBITDA margin decline.
Outlook
Hence, we maintain our BUY recommendation on the stock with a target price of Rs 510/ share.
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