Motilal Oswal's research report on Oberoi Realty
Oberoi Realty’s (OBER) presales were down 52% YoY to INR8.5b (49% lower than estimate) in 4QFY25, due to no new residential launches in the quarter. 360-West contributed up to ~62% of sales, while Jardin, which was launched in 3QFY25, contributed barely 6%. SkyCity and Elysian presales plunged 88-90% and accounted for 16% of total presales. Other projects also performed poorly. Collections declined 29% YoY to INR7.6b, which was 54% below our estimates. OBER generated OCF (post WC) of INR2.85b. The net debt-toequity ratio stood at 0.01x vs. 0.09x in 4QFY24 (flat QoQ).
Outlook
OBER's residential segment is presently valued at INR285b. This valuation accounts for recent business development activities and incorporates a future outlay of INR30b towards prospective land acquisitions. Reiterate Neutral with a revised NAV of INR627b or INR 1,726 per share (earlier INR748b or INR2,056 per share).
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