Oberoi Realty Q1 Results Review - Sustained Performance In The Residential Segment: Motilal Oswal

Motilal Oswal Report

Oberoi Realty Ltd.’s pre-sales more than doubled YoY (12% above estimate) to Rs 10.7 billion, driven by strong bookings at the ‘360-West’, Worli project, which contributed Rs 4.8 billion to pre-sales across bookings of six units. 

The sales traction across other projects at Borivali (Rs 1.9 billion) and Mulund (Rs 1.3 billion) sustained on a YoY basis but was weak sequentially.

Elysian Goregaon’s pre-sales grew 64% YoY to Rs 2 billion, after the successful launch of the third tower in Q4 FY24. Forestville, Thane (launched in Q3) clocked bookings of Rs 0.6 billion across 32 units.

Collections dipped 9% YoY to Rs 10 billion. Oberoi generated an operating cash flow (post-WC) of Rs 6.6 billion, which was partially utilized to reduce debt. Net debt stood at Rs 8.4 billion versus Rs 12.5 billion as of March 2024, with a debt/equity ratio of 0.06 times.

P&L performance: Revenue rose 54% YoY to Rs 14.0 billion (41% above estimate) led by higher recognition in 360-West. Ebitda stood at Rs 8.2 billion, up 72% YoY, led by 600 bp margin expansion to 58% due to product mix. Profit after tax, at Rs 5.8 billion, rose 82% YoY and was 46% above our estimate; the margin stood at 42%.

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