Weaker than expected bookings in Q3, valuations to weigh on Oberoi Realty

While this was up 25 per cent as compared to the year-ago quarter, it was down 18 per cent on a sequential basis despite a new launch

The stock of realty major Oberoi Realty is down 18 per cent.
 

A weaker-than-expected operational performance in the December quarter of 2023-24 has resulted in the downward revision of booking estimates for FY24-FY25.

The stock lacks near-term triggers with upsides from new launches already factored in.

Despite the sharp fall this week, the stock of the Mumbai-based company is still up 19 per cent over the last three months.

The near-term trigger for the negative sentiment of the stock is the sub-par bookings in the quarter. 

The company reported Rs 787 crore of bookings in Q3.

While this was up