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Oberoi Realty - Q4FY21 First Cut - ICICI Direct

Posted On: 2021-05-17 18:06:23 (Time Zone: IST)


(CMP - Rs. 533; MCap: Rs. 19.389 crore)

Oberoi Realty reported strong operational performance with strong sales volumes driven by new launch of project in Goregaon.

Q4FY21 Earnings Summary

- The company reported highest ever sales volume of 1.06 million sq feet (up 7.3x YoY on depressed base of Q4FY20 and strong 103% QoQ growth). The sales value was up 8.2x YoY/ 2x QoQ at Rs. 1957 crore. While robust sales volume traction was expected, the bump up was largely driven by new project Elysian at Goregaon wherein 0.53 million sq feet (50% of the overall sales volume of the quarter) was seen

- On the financial front, Reported revenues grew by 28.4% YoY to Rs. 790.1 crore (our estimate: Rs. 942 crore). The reported growth was due to residential segment revenue recognition which stood at Rs. 682 crore, up ~41% YoY, owing to the sale of complete/near complete projects like Esquire, Enigma and Sky City which translated into high revenue recognition. The washout performance in hospitality continued with revenues of Rs. 12 crore vs. Rs. 29.3 crore in Q4FY20, down 59% YoY. The rental revenues (from mall and office assets) stood at Rs. 81.8 crore, down 8% YoY

- The EBITDA at Rs. 373.5 crore, was only up 0.8% YoY as base quarter had lower cost recognition. Reported EBITDA margins, thus were down ~13 pct points YoY (up 110 bps QoQ) to 47.3%, albeit better than expectations of 46%

- The reported PAT was at Rs. 286.9 crore, (up 14.3% YoY), with growth being lower than topline owing to margins decline

The growth residential segment was expected but offtake of new launch is much better than anticipated. We seek further clarity on the further residential launches and overall demand outlook coupled with status of malls and the hospitality segment from the management. We will review our estimates and come out with a detailed report post the conference call on Monday.

Shares of OBEROI REALTY LTD. was last trading in BSE at Rs.526.5 as compared to the previous close of Rs. 532.9. The total number of shares traded during the day was 26484 in over 2351 trades.

The stock hit an intraday high of Rs. 629 and intraday low of 514.2. The net turnover during the day was Rs. 14150478.


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