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Oberoi Realty: Muted Performance
Operational Update: No new launches in Q2. Execution continues in (a)
Exquisite (Goregaon) – Construction is at 30th slab currently versus 23rd slab at
the end of Q1; (b) Splendor Grande (Andheri East) – Construction is at ~18th
slab currently versus ~10-11th slab at the end of Q1; (c) Esquire remains in
excavation stage currently. Sales runrate of one apartment/day continues in Q2.
Extended monsoons in Mumbai have impacted the execution progress overall.
Financial performance: We expect a muted financial performance in Q2. No
new projects enter the revenue recognition threshold. Hence, revenues would
largely follow execution progress in the existing projects, which we believe would
be marginally impaired due to the extended monsoons. Margins should hold
steady.
New developments: Oberoi Realty recently purchased 50% stake of I-Ven
Realty Ltd from India Advantage Fund-I (ICICI Venture Funds) which holds the
prime GSK property in Worli, Mumbai. Newspaper reports suggest that
acquisition was for ~Rs 3.0bn. Company confirmed that this was an all-cash deal
and the entire payment has been made. Q2 balance sheet would see the impact
of this transaction.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Oberoi Realty: Muted Performance
Operational Update: No new launches in Q2. Execution continues in (a)
Exquisite (Goregaon) – Construction is at 30th slab currently versus 23rd slab at
the end of Q1; (b) Splendor Grande (Andheri East) – Construction is at ~18th
slab currently versus ~10-11th slab at the end of Q1; (c) Esquire remains in
excavation stage currently. Sales runrate of one apartment/day continues in Q2.
Extended monsoons in Mumbai have impacted the execution progress overall.
Financial performance: We expect a muted financial performance in Q2. No
new projects enter the revenue recognition threshold. Hence, revenues would
largely follow execution progress in the existing projects, which we believe would
be marginally impaired due to the extended monsoons. Margins should hold
steady.
New developments: Oberoi Realty recently purchased 50% stake of I-Ven
Realty Ltd from India Advantage Fund-I (ICICI Venture Funds) which holds the
prime GSK property in Worli, Mumbai. Newspaper reports suggest that
acquisition was for ~Rs 3.0bn. Company confirmed that this was an all-cash deal
and the entire payment has been made. Q2 balance sheet would see the impact
of this transaction.
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