Retain 'buy' on Oberoi Realty – TP Rs.351 - Geojit BNP Paribas

- 3QFY13 revenue at Rs. 310 crore is up 41% yoy and 9% qoq. 3Q revenue is also higher than analysts' estimates.

- EBITDA margin improved by about 100 bps on a qoq basis.

- Operating margins for its hospitality business improved significantly to 20.8% compared to 9.2% last year and 4.9% in the previous quarter.

- Contracted volume sales remained flat at 0.12 million sq ft vs 0.13 million sq ft in 2QFY13 and 0.12 million sq ft in 3QFY12. Note the company has not included contracted sales volume from the Worli project. Subdued contracted sales volume is primarily on account of no major launches.

- Operating Cash Flows moved back to positive territory.

Source : Equity Bulls

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