Business Standard

Oberoi Realty Q1 profit falls 20.2% on fewer bookings, higher costs

Meanwhile, total expenses surged by nearly 10% driven by a spike in operating costs

q1 results, earnings, companies, india inc, corporate

Illustration: Ajay Mohanty

Reuters Bengaluru

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BENGALURU (Reuters) - India's Oberoi Realty Ltd on Monday reported a 20.2% fall in quarterly profit, hurt by weaker sales and higher expenses.
The real-estate developer's consolidated net profit fell to 3.22 billion rupees ($39.14 million) for the quarter ended June 30 from 4.03 billion rupees a year earlier.
Oberoi's booking value dropped by 37.5% year-on-year dragging revenue from operations to 9.10 billion rupees, slightly lower than last year.
Meanwhile, total expenses surged by nearly 10% driven by a spike in operating costs.
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Indian real-estate companies are seeing their sales soften as near-term demand for housing cooled off during the quarter after a year of robust demand.
The office space segment also saw a decline in demand, triggered by a slowdown in the IT sector.
Oberoi Realty's rival DLF also reported a dip in revenue earlier this month, while Godrej Properties and Sobha are yet to announce their earnings.
Valuation (next 12 Estimates Analysts
months) (next 12 '
months) sentimen
RIC PE EV/EBI Price/ Revenue Profit Mean # of Stock to Div
TDA Sales growth growth rating* analyst price yield
s target** (%)
Oberoi Realty Ltd OEBO. 21.51 16.80 NULL 22.22 2.76 Buy 23 1.10 0.36
DLF Ltd DLF.N 42.39 53.19 NULL 18.74 31.01 Buy 17 0.99 0.78
Godrej Properties GODR. 54.27 79.83 NULL 17.69 39.40 Buy 19 1.14 NULL
Ltd NS
Sobha Ltd SOBH. 17.52 10.45 NULL 17.45 106.61 Strong 16 0.79 0.48
NS Buy
** Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
-- All data from Refinitiv
-- ($1 = 82.2610 Indian rupees)
(Reporting by Biplob Kumar Das in Bengaluru; Editing by Sohini Goswami)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 31 2023 | 7:26 PM IST

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