Oberoi Realty Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 19679.97 Crore) operating in Real Estate sector.
Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 800.87 Crore, down -4.38 % from last quarter Total Income of Rs 837.57 Crore and up 27.99 % from last year same quarter total Income of Rs 625.73 Crore. Company reported net profit after tax of Rs 286.53 Crore in latest quarter.
Investment Rationale
OBER has done robust sales of 1.72msf in a truncated FY21 on the back of new launches and ongoing projects. It believes OBER will continue to achieve good residential sales as consolidation in the sector further intensifies due of Covid‐19 second wave disruption and potential supply constraint. With OBER’s strong balance sheet with D/E of 0.16x and healthy cashflow, company is on track to commission its planned annuity assets before FY24. It initiates coverage with ‘BUY’ rating and target NAV of Rs620/share (WACC 12.4%, Cap rate 9% & 15xFY22 EV/EBITDA).
Promoter/FII Holdings
Promoters held 35.8 per cent stake in the company as of June 30, 2020, while FIIs held 39.6 per cent, DIIs 13.2 per cent and public and others 11.3 per cent.
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