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Oberoi Realty - Festive Fervour Drives Strong Sales Performance: ICICI Securities

Oberoi Realty - Festive Fervour Drives Strong Sales Performance: ICICI Securities

<div class="paragraphs"><p>An Oberoi Realty Ltd. building (Source: Company website)</p></div>
An Oberoi Realty Ltd. building (Source: Company website)

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ICICI Securities Report

As per its Q3 FY22 operations update, Oberoi Realty Ltd. has clocked Q3 FY22 sales bookings of Rs 19.7 billion (up 137% QoQ) which is significantly ahead of our estimate of Rs 13.3 billion.

The QoQ uptick in sales is along expected lines as the company had launched Elysian Tower B in Goregaon in the last week of October 2021 and had sold inventory worth Rs 7.9 billion within a week of the launch.

In Q2 FY22, Oberoi Realty had clocked sustenance sales of Rs 8.3 billion without any new launches and it appears that a similar performance has been repeated in Q3 FY22.

In Q4 FY22, the expected Thane launch and receipt of Occupation Certificate at 360 West, Worli are key factors for driving sales.

Click on the attachment to read the full report:

ICICI Securities Oberoi Company Update.pdf

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