Oberoi Realty Q4 Review - New Launches Drive Record Sales Bookings: ICICI Securities
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ICICI Securities Report
Oberoi Realty Ltd. recorded its highest ever quarterly sales bookings at Rs 20.5 billion driven by strong response to the new Goregaon tower launch (Elysian) and launch of sixth tower in Borivali project.
While Q1 FY22 is expected to be a muted quarter owing to second Covid-19 wave impact, the company is targeting launches in H2 FY22 across Thane and other ongoing projects.
While exact timing and quantum of launches is awaited, we expect the company to clock at least Rs 25 billion of sales bookings in FY22E and Rs 35 billion in FY23E owing to new launches and completed/near completion inventory in Worli/Mulund/Borivali projects.
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