Edelweiss' research report on Oberoi Realty
For Q3FY17, Oberoi Realty (OBER) reported sharp YoY drop in revenues and profits on account of base effect, though remained flat sequentially. While cumulative new sales dipped QoQ on account of demonetisation, impact varied across projects. OBER expects sales momentum to revive in coming quarters.
OutlookWe expect the company’s operations to scale up in ensuing quarters led by improving affordability and supportive macros, which should translate into sharp earnings ramp up. We roll forward our NAV to FY18E (INR 478), leading to revised TP of INR 430 (earlier INR 400). Maintain ‘BUY’.
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