- 27 May 2022
- ICICIdirect Research
OBEROI REALTY REPORTS DECENT SUSTENANCE SALES; ADDS NEW PROJECTS
News: The company managed to sell 5.24 lakh sq ft area during Q4 FY22, down ~51% YoY with total booking value of Rs. 922 crore. We note that while volumes, prima facie, are lower than 10.6 lakh sq feet in Q4FY21, it is mainly due to launch of Elysian Tower in base quarter (Q4FY21) which had strong uptake and drove 50% of the sales volume. Ex- new launches, the sales volumes are similar to sustenance sales achieved. On the financial front, Reported revenues grew by 4.2% YoY to Rs. 823.5 crore. Reported EBITDA margins, thus were down 456 bps YoY (up 287 bps QoQ) to 42.7% due to project mix. The reported PAT was at Rs. 232.4 crore, down 19% YoY, also impacted by higher tax rate
Views: The residential segment sales volumes continue to remain healthy with stable sustenance sales volume. Addition of new projects (in Kolshet, Thane and Peddar road) also increases growth visibility. We seek further clarity on the further residential launches (especially Thane)
Impact: Neutral