Q3FY21 results beat consensus estimates on the back of strong new bookings in several completed and near-completion projects. OBER reported new bookings worth Rs10.1bn (up 2.2x YoY), while 9MFY21 booking rose 29%. Among projects, we noticed good traction in Esquire (Goregaon), Sky City (Borivali) and Mulund. Gross Debt/Equity ratio stood at 0.19x as of Dec’20 (vs. 0.22x as of Mar’20).
OutlookWe raise our SoTP-based TP to Rs 647 as we bake in better offtake and realization in line with trends witnessed in 9MFY21 and lower discount rates. In our view, the key near-term catalysts are new launches (Borivali phase II, Exquisite III (Goregaon) and Thane project) and completion of strategic stake sale in its commercial office space rental portfolio.
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