Oberoi Realty Q3FY16 consolidated net profit clocks two-fold jump yoy at Rs.209.35 crore: Beats estimates

The Company’s consolidated revenue stood at Rs.781.91 crore, clocking over three fold jump yoy and over four fold times qoq.

January 15, 2016 6:46 IST | India Infoline News Service
Oberoi Realty, fastest growing real estate developer, reported consolidated net profit of Rs. 209.35 crore for the quarter ended December 31, 2015, registering close to three fold jump yoy and qoq. The Company’s consolidated revenue stood at Rs. 781.91 crore, clocking over three folds jump yoy and over four fold jump sequentially.
It's core operating profit stood at Rs.327.81crore for the quarter, registering over two fold jump yoy and three folds qoq. Operating profit margin for the current quarter at 41.92%. contracted by 1638 bps yoy and 1571 bps qoq.
For nine months ended December 31, 2015, the company reported consolidated net profit of Rs.361.36 crore, registering growth of 68.78% yoy. The company’s revenue stood at Rs.1181.37 crore clocking over two fold jump.
On standalone basis, the company’s net profit stood at Rs. 186.33 crore witnessing over two folds jump yoy and over three folds qoq. The company’s revenue stood at Rs. 699.37 crore registering over three fold growth yoy and over five folds qoq.

Oberoi Realty’s Q3FY16 earnings- Beats estimates:

Oberoi Realty’s Q3FY16 earnings were a beat. Real estate developer’s bottom-line growth has been mainly driven by robust sales. During the quarter, Oberoi Realty's revenue from rent rose to Rs 43.40 crore from Rs 41.61 crore a year ago, while hospitality revenue rose to Rs 33.78 crore from Rs 33.72 crore.  The company during the quarter launched its 5.5 million sq ft residential project spread over 25 acres in Borivali suburb of Mumbai.

Result Highlights ( Rs. in crore)

Reported Results 
IIFL Estimate
Consolidated Revenue 781.19 346 44.25
Consolidated Net Profit 209.35 130 62

Management Comments:

Commenting on Q3FY16 results, Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said; “The state government’s continuous emphasis on fast‐tracking key projects like the Mumbai Metro, the Coastal Road and the trans harbour link are significant steps in making Mumbai a truly global city. These initiatives will drive Investments into the city, improve the quality of life of its residents and act as catalysts for increasing demand in the financial capital. We successfully launched our project, Sky City in Borivali and are thankful to our customers who have reinstated their faith in Oberoi Realty by creating record sales for our company. Encouraged by this stupendous response, we have launched a new tower of Sky City today. With a robust project pipeline across key locations in Mumbai; Borivali, Goregaon, Mulund and Worli and a relentless focus on design, quality and execution, we are confident that the company will continue to create value for its stakeholders.”

Stock Commentary:

Oberoi Realty Ltd ended at Rs. 250.1, down by Rs. 7.45 or 2.89% from its previous closing of Rs. 257.55 on the BSE.
The scrip opened at Rs. 260 and touched a high and low of Rs. 262.8 and Rs. 248.1 respectively. A total of 287965(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 8485.98 crore.
The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 334 on 24-Feb-2015 and a 52 week low of Rs. 209.05 on 02-Sep-2015. Last one week high and low of the scrip stood at Rs. 279 and Rs. 250 respectively.
The promoters holding in the company stood at 72.56 % while Institutions and Non-Institutions held 22.1 % and 5.34 % respectively.
The stock traded above its 200 DMA.

It's core operating profit of Rs.292.76 crore for the quarter, registering growth of over two fold times yoy and three fold times qoq. Operating profit margin for the current period  at 41.86% contracted by 1617 bps yoy and 1801 bps qoq.

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