Oberoi Realty Ltd's Q3FY19 consolidated net profit rises 14.76% yoy to Rs137.93cr : Misses Estimates

The company’s consolidated revenue stood at Rs528.62cr, up 48.41% yoy but down 10.72% qoq.

Jan 23, 2019 08:01 IST India Infoline Research Team

Oberoi Realty Ltd Q3FY19

Consolidated Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 528.62 48.4
EBITDA 188.09 [2.4]
EBITDA Margin (%) 35.6 [1,850]
Net Profit (adjusted) 137.93 14.8
***EBITDA margin change is bps
Oberoi Realty Ltd’s consolidated revenue from operations increased 48% yoy to Rs528.62cr as against Rs356.2cr in Q3FY18, however missing the consensus estimates by 23%. The EBITDA came at Rs188.09cr, missing the consensus estimates by a whopping 48%. EBITDA margin for the quarter stood 36% as against 54% for the same period a year ago. The contraction in margin was mainly owing to rise in operating expenses. The company’s adj. PAT increased 15% yoy to Rs138cr, missing the consensus estimated by 42%.

• Top-line was primarily driven by real estate business which jumped 53% yoy to Rs490.19cr in Q3FY19
• Hospitality business witnessed a marginal growth of 3% yoy to 36.12cr for the quarter
• Bottom line growth was driven by strong growth in revenue (up 48%) coupled with higher other income which grew around fivefold to Rs20.17cr in Q3FY19
• Within the real estate business, revenue from Projects sub segment jumped 58% yoy to Rs393.86cr. The segment contributed 75% to the top-line during the quarter
• Rental business which contributed 16% to the revenue from operation, witnessed a strong growth of 43% yoy to Rs84.85cr for the quarter under consideration
• New bookings for the quarter stood at Rs255.41cr
• The company has 5.77mn sq. ft. of area under development as on December 31, 2018

Technical View:

Oberoi Realty Ltd ended at Rs. 446.50, up by 1.25 points or 0.28% from its previous closing of Rs. 445.25 on the BSE.
The scrip opened at Rs. 444.65 and touched a high and low of Rs. 449 and Rs. 442.05 respectively. A total of 3,82,738 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.

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