Religare's research report on Oberoi RealtyOBER reported Q4 pre-sales of 0.14msf (Q3: 1msf), closing FY16 with a strong 1.3msf/Rs 24bn (FY15: 1msf). But revenue/PAT for the quarter tanked 35%/63% YoY to Rs 2.2bn/Rs 645mn on lower POCM revenue. Cash flows remained strong with customer advances of Rs 46bn and receivables of Rs 42bn from already sold projects. Going ahead, volume growth would hinge upon launches of new phases in existing projects; also, a pick-up in Worli project sales could lend support to OBER’s steady operations. BUY.With good cash flow visibility and a steady launch pipeline, OBER’s operations are expected to remain steady through FY17, with a potential upside from land purchases and a pick-up in macro conditions. Maintain BUY with a Mar’17 TP of Rs 365.
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