Oberoi Realty Q4FY11 Result Update; Strong performance continues; Emkay

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Oberoi Realty Q4FY11 Result Update; Strong performance continues; Not Rated;

n    Oberoi Realty’s sales growth continues, Sold ~0.29 msf in Q4 FY11 against 0.15 msf in Q3 FY11. Launched ~2.0 msf single project in Goregaon (E)

n    Revenue grew by 26.3% YoY to Rs 2.7bn, EBITDA and PAT grew by 7% and 4.8% YoY to Rs 1.45bn and Rs1.37bn respectively

n    Investment properties contributed Rs 1.8bn in FY11. Contribution to increase in FY12 on back of full year operations of hotel and higher occupancy of office space

n    Stock currently trades at P/BV of 2.5x, highest amongst its peers, justified by high ROEs (22.7% in FY11), zero debt and cash of more than Rs 14bn (~17% of current M-Cap)