 "Oberoi Realty")
Shares of Oberoi Realty dipped 6 per cent to Rs 912.15 on the BSE in Wednesday’s intra-day trade on profit booking after the company reported a 27.2 per cent year-on-year (YoY) decline in its sales value to Rs 673 crore in the January-March quarter (Q4FY23).
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This was on account of a lack of new launches. However, on a sequential basis, bookings rose 7 per cent driven by the contribution from 360 West, which clocked bookings of three units valued at Rs 230 crore.The stock of the real estate developer had hit an eight-month high of Rs 1,002.20 on Tuesday. In the past one month, the stock has rallied 10 per cent as compared to a 3 per cent rise in the S&P BSE Sensex.
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Despite global headwinds, the domestic tailwinds have given a huge boost to the residential sector. Demand for housing has continued to grow, driven by the aspiration of continued home ownership by end users. Industry consolidation has led to incremental market share gains for organised players, the management said.
The retail segment is experiencing phenomenal footfalls and strong growth across consumption. The management expects a sustained interest in grade-A offices as occupiers and employees focus on the quality of space that they occupy. In the coming year, the company said it looks forward to the launch of new projects and entry into new markets, leading to enhanced value for stakeholders.
Adjusted profit after tax at Rs 300 crore, was lower than estimates of Rs 373 crore, given the weaker than expected operating show, said analysts at ICICI Securities in a note.
The company’s key growth trigger ahead hinges on how the new launches especially Thane shape up and its expansion beyond MMR market. We seek clarity on the residential launches (especially Thane, which continues to be pushed back) and overall demand outlook coupled with status of rental and the hospitality segment from the management,” the brokerage said.
