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Results above estimates: Oberoi Realty declared results above ours as well as
consensus estimates driven by a combination of better-than-expected sales
along with higher execution at a few of their projects. Revenues grew by 35%
QoQ to Rs2,548m; however, slightly down by 4.5% YoY on account of lower
contribution from the completed project ‘Splendor’ during the quarter. Boosted
by higher realizations in the residential segment, reported EBITDA margins stood
at 64.5%, the highest recorded in any quarter so far, an increase of 360bps QoQ
and 1020bps YoY. Consequently, PAT increased by 5% YoY and 38.5% QoQ to
Rs1,436m.
Absorption increases despite sharp realization uptick: During the quarter,
Oberoi delivered an impressive sales performance, clocking sales to the tune of
Rs2,789m, an increase of 57% QoQ, on the back of 42% increase in volumes (@
0.176 msf) along with 10.5% increase in blended realizations. Despite 11.3%
QoQ hike in prices at ‘Esquire’, Oberoi was able to sell ~10% higher volumes at
this project reaffirming the location strength of Oberoi’s land parcels. Healthy
absorption at existing projects at Goregaon augurs well in terms of visibility of
future pipeline of projects as the company has ~3.76 msf monetizable
residential area at this location. In addition, increased construction progress at
‘Splendor Grande’ drove realizations higher by 5.4% QoQ at the project, post an
already steep 10.6% hike seen in Q3FY12.
Key concall highlights: 1> State government has applied for environment
clearance with the MOEF for the Mulund land and thus, management expects to
launch the first phase of Mulund project by Q2FY13 2> Oasis Worli is expected
to be launched soon, company has advanced an additional Rs1.8bn to slum
rehab partner in lieu of an expected hike in FSI 3> Last phase of Goregaon
residential project is expected to start construction by the end of FY13 4>
Commerz II phase 1 is expected to be completed by September 2012,
management has indicated a surge in inquiries for commercial space at
Goregaon (~2 msf of lease inquiries in Goregaon commercial market).
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Results above estimates: Oberoi Realty declared results above ours as well as
consensus estimates driven by a combination of better-than-expected sales
along with higher execution at a few of their projects. Revenues grew by 35%
QoQ to Rs2,548m; however, slightly down by 4.5% YoY on account of lower
contribution from the completed project ‘Splendor’ during the quarter. Boosted
by higher realizations in the residential segment, reported EBITDA margins stood
at 64.5%, the highest recorded in any quarter so far, an increase of 360bps QoQ
and 1020bps YoY. Consequently, PAT increased by 5% YoY and 38.5% QoQ to
Rs1,436m.
Absorption increases despite sharp realization uptick: During the quarter,
Oberoi delivered an impressive sales performance, clocking sales to the tune of
Rs2,789m, an increase of 57% QoQ, on the back of 42% increase in volumes (@
0.176 msf) along with 10.5% increase in blended realizations. Despite 11.3%
QoQ hike in prices at ‘Esquire’, Oberoi was able to sell ~10% higher volumes at
this project reaffirming the location strength of Oberoi’s land parcels. Healthy
absorption at existing projects at Goregaon augurs well in terms of visibility of
future pipeline of projects as the company has ~3.76 msf monetizable
residential area at this location. In addition, increased construction progress at
‘Splendor Grande’ drove realizations higher by 5.4% QoQ at the project, post an
already steep 10.6% hike seen in Q3FY12.
Key concall highlights: 1> State government has applied for environment
clearance with the MOEF for the Mulund land and thus, management expects to
launch the first phase of Mulund project by Q2FY13 2> Oasis Worli is expected
to be launched soon, company has advanced an additional Rs1.8bn to slum
rehab partner in lieu of an expected hike in FSI 3> Last phase of Goregaon
residential project is expected to start construction by the end of FY13 4>
Commerz II phase 1 is expected to be completed by September 2012,
management has indicated a surge in inquiries for commercial space at
Goregaon (~2 msf of lease inquiries in Goregaon commercial market).
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