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Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited

India Infoline News Service | Mumbai | October 30, 2012 08:50 IST

Going forward, we expect residential market to do well. There have been few changes in FSI norms. The new regime will benefit developers.

Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited has been on board since incorporation of the company. He has more than two decades of experience in the real estate sector. He is involved in the formulations of corporate strategy and planning, overall execution and management and concentrates on the growth and diversification plans of the company.


Oberoi Realty Ltd. is Indias leading real estate development company, headquartered in Mumbai, focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals. Oberoi Realty has an established brand and a track record in the real estate industry of developing innovative projects through its emphasis on contemporary architecture, strong project execution and quality construction. Oberoi Realty seeks to create destination developments through its in mixed-use and single-segment developments. It has a total of 36 completed projects across Mumbai, the commercial capital of India.


Yash Ved of IIFL gives you the highlights of the conference call conducted by Oberoi Realty Ltd. after its latest quarterly results where Vikas Oberoi says, Going forward, we expect residential market to do well. There have been few changes in FSI norms. The new regime will benefit developers.


Brief us about your performance in the second quarter.

For the second quarter of FY13 and first half of FY13, the company has recorded Consolidated Revenue of Rs. 2.82bn for Q2FY13 as against Rs. 2.56bn for Q2FY12, a growth of over 10% and Rs 5.13bn for H1FY13 as against Rs. 4.71bn for H1FY12, a growth of around 9%.


The Consolidated Profit Before Tax for Q2FY13 is Rs. 1.67bn as against Rs. 1.43bn for Q2FY12, a growth of 16.9% and Rs. 3.04bn for H1FY13 as against Rs 2.80bn for H1FY12, a growth of 9%.


The Consolidated Profit After Tax for Q2FY13 is Rs. 1.24bn as against Rs. 1.11bn for Q2FY12, a growth of 11.6% and Rs. 2.25bn for H1FY13 as against Rs. 2.17bn for H1FY12, a growth of 3.7%.


The company has upheld consistent sales momentum and we continue to believe that we can do better.


Though there has been an improvement in sentiment among the buyers following various announcements by the central government, the global and domestic headwinds still continue to exist.


What were the developments during the quarter?

Reasonably, I will say ok quarter as a whole. The company sold total 1.30 lakh sq ft of space.


The recent decision of the government on FDI in retail will strengthen position in retail.

Retail Oberoi Mall continues to do very well. We were the first to open Starbucks in the Western suburbs


The work on the Worli project moving at a good pace.


Going forward, we expect residential market to do well. There have been few changes in FSI norms. The new regime will benefit developers.


What is your current order book?

Our current order book stands at Rs16bn.


What were the Business Highlights for the quarter?


Investment Properties (Retail, Office Space and Hospitality)


Oberoi Mall contributed Rs. 194.4mn to the revenue for the Q2FY13 as against Rs. 197.7mn in Q2FY12, a marginal decline of 1.67% and Rs. 392.9mn for H1FY13 as against Rs. 388.9mn for H1FY12, a growth of 1.03%.


Commerz contributed Rs. 114.3mn to the revenue for the Q2FY13 as against Rs. 109.1mn in Q2FY12, a growth of 4.77% and Rs. 226.9mn for H1FY13 as against Rs. 217.9mn for H1FY12, a growth of 4.13%.


The Westin Mumbai Garden City contributed Rs. 209.5mn to the revenue for the Q2FY13 as against Rs. 190.5mn in Q2FY12, a growth of 9.97% and Rs. 429.4mn for H1FY13 as against Rs. 398.8mn for H1FY12, a growth of 7.67%.


Development Properties (Residential)


Oberoi Esquire: Area sold in Q2FY13 is 70,410 sqft. and in H1FY13 is 128,475 sqft.. The cumulative sales for the project till date is 838,380 sqft., amounting to Rs. 10.56bn.


Oberoi Exquisite: Area sold in Q2FY13 is 27,820 sqft. and in H1FY13 is 56,420 sqft.. The cumulative sales for the project till date is 891,000 sqft., amounting to Rs. 11.18bn.


Oberoi Splendor Grande: Area sold in Q2FY13 is 20,020 sqft. and in H1FY13 is 43,680 sqft.. The cumulative sales for the project till date is 252,980 sqft. amounting to Rs. 3.59bn.


Oberoi Splendor: Area sold in Q2FY13 is 11,844 sqft. and in H1FY13 is 19,740 sqft.. The cumulative sales for the project till date is 1,249,542 sqft. amounting to Rs. 15.01bn.

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