HDFC Securities' research report on Oberoi Realty
Coming off a fairly impressive 1HFY19, ORL posted disappointing pre-sales in Goregaon and Worli. Despite Sky City continuing its strong >50 units/qtr performance, pre-sales (including JV) dropped to 0.14mn sqft in 3QFY19 (vs 0.24mn sqft QoQ). Revenue/EBIDTA/PAT came 21/38/11% below est.
Outlook
A strong balance sheet, a robust execution track record and a mix of Residential/Annuity assets gives us comfort. Maintain BUY with a reduced TP of Rs 525/sh.
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