Results     12-Feb-23
Analysis
Oberoi Realty
Sales up 96%, net up 50%
 

Consolidated net sales (including other operating income) of Oberoi Realty for the quarter ended Dec 2022 has increased 95.85% to Rs 1629.46 crore.  Sales of Real Estate segment has gone up 96.71% to Rs 1,587.56 crore (accounting for 97.43% of total sales).  Sales of Hospitality segment has gone up 68.00% to Rs 41.90 crore (accounting for 2.57% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 187.65% to Rs 931.45 crore.  PBIT of Real Estate segment rose 187.50% to Rs 916.96 crore (accounting for 98.44% of total PBIT).  PBIT of Hospitality segment rose 197.54% to Rs 14.49 crore (accounting for 1.56% of total PBIT).  

PBIT margin of Real Estate segment rose from 39.52% to 57.76%.  PBIT margin of Hospitality segment rose from 19.53% to 34.58%.  Overall PBIT margin rose from 38.92% to 57.16%.  

Operating profit margin has jumped from 39.85% to 57.71%, leading to 183.62% rise in operating profit to Rs 940.37 crore.  Employee cost decreased from 1.53% to 1.02%.   Other expenses fell from 66.29% to 49.76%.   Other direct service cost fell from 64.08% to 48.36%.   

Other income rose 55.43% to Rs 22.04 crore.  PBIDT rose 178.36% to Rs 962.41 crore.  Provision for interest rose 90.83% to Rs 38.09 crore.  

PBDT rose 183.73% to Rs 924.32 crore.  Provision for depreciation rose 2.83% to Rs 10.18 crore.  

Profit before tax grew 189.39% to Rs 914.14 crore.  Share of profit/loss was 93.86% lower at Rs 14.44 crore.  Provision for tax was expense of Rs 226.01 crore, compared to Rs 83.69 crore.  Effective tax rate was 24.34% compared to 15.18%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 50.27% to Rs 702.57 crore.  

 For year-to-date (YTD) results analysis.


Net sales (including other operating income) of Oberoi Realty has increased 72.74% to Rs 3231.16 crore.  Sales of Real Estate segment has gone up 71.32% to Rs 3,120.39 crore (accounting for 96.57% of total sales).  Sales of Hospitality segment has gone up 125.46% to Rs 110.77 crore (accounting for 3.43% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 113.51% to Rs 1,718.09 crore.  PBIT of Real Estate segment rose 109.63% to Rs 1,681.16 crore (accounting for 97.85% of total PBIT).  PBIT of Hospitality segment rose 1,242.91% to Rs 36.93 crore (accounting for 2.15% of total PBIT).  

PBIT margin of Real Estate segment rose from 44.03% to 53.88%.  PBIT margin of Hospitality segment rose from 5.60% to 33.34%.  Overall PBIT margin rose from 43.02% to 53.17%.  

Operating profit margin has jumped from 44.35% to 53.94%, leading to 110.11% rise in operating profit to Rs 1,742.96 crore.  Employee cost decreased from 2.21% to 1.71%.   Other expenses fell from 58.67% to 47.30%.   Other direct service cost fell from 56.02% to 45.23%.   

Other income rose 71.77% to Rs 66.94 crore.  PBIDT rose 108.39% to Rs 1809.9 crore.  Provision for interest rose 96.58% to Rs 107 crore.  

PBDT rose 109.18% to Rs 1702.9 crore.  Provision for depreciation fell 0.33% to Rs 30.01 crore.  

Profit before tax grew 113.38% to Rs 1,672.89 crore.  Share of profit/loss was 32.87% lower at Rs 160.31 crore.  Provision for tax was expense of Rs 408.94 crore, compared to Rs 208.04 crore.  Effective tax rate was 22.31% compared to 20.34%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 74.81% to Rs 1,424.26 crore.  

Promoters’ stake was 67.70% as of 31 December 2022 ,compared to 67.70% as of 31 December 2021 .  


 

Management Comments :
Commenting on the Q3FY23 results, Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, said, “India continues to be one of the fastest growing economies in the world. The residential market continues to grow due to the increase in demand for larger homes due to incremental income and financial stability. Our newly launched Tower G in our project Sky City, witnessed robust sales upon launch. We are happy to announce the recent acquisition of approx. 8.5 acres of land located at Pokhran Road, Thane, from Blue Star Limited. This would give us an additional saleable area of approx. 22.5 lakh sq. ft. in our existing Pokhran project. I am also pleased to announce Oberoi Realty’s successful conclusion of the acquisition of residential premises in the project ‘Three Sixty West’.  With new project launches planned for the fourth quarter, we expect to end the year on a strong note as we continue to look out for future growth opportunities.” 

Oberoi Realty : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202212202112Var.(%)202212202112Var.(%)202203202103Var.(%)
Net Sales (including other operating income)1,629.46832.0195.853,231.161,870.5172.742,693.972,052.5831.25
OPM (%)57.7139.851,786 bps53.9444.35959 bps43.8548.74-489 bps
OP940.37331.56183.621,742.96829.55110.111,181.341,000.3918.09
Other Inc.22.0414.1855.4366.9438.9771.7758.4538.0153.78
PBIDT962.41345.74178.361,809.90868.52108.391,239.791,038.4019.39
Interest38.0919.9690.83107.0054.4396.5886.0376.0413.14
PBDT924.32325.78183.731,702.90814.09109.181,153.76962.3619.89
Depreciation10.189.92.8330.0130.11-0.3339.7841.19-3.42
PBT914.14315.88189.391672.89783.98113.381113.98921.1720.93
Share of Profit/(Loss) from Associates14.44235.34-93.86160.31238.8-32.87239.63.257,272.31
PBT before EO928.58551.2268.461833.21022.7879.241353.58924.4246.42
EO Income00-00-00-
PBT after EO928.58551.2268.461833.21022.7879.241353.58924.4246.42
Taxation226.0183.69170.06408.94208.0496.57306.48185.1365.55
PAT702.57467.5350.271424.26814.7474.811047.1739.2941.64
Minority Interest (MI)00-00-00-
Net profit702.57467.5350.271424.26814.7474.811047.1739.2941.64
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations702.57467.5350.271424.26814.7474.811047.1739.2941.64
EPS (Rs)*19.3212.8650.2739.1722.4174.8128.8020.3341.64
* EPS is on current equity of Rs 363.60 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


Oberoi Realty : Consolidated Segment Results
td>-
 Quarter endedYear to DateYear ended
% of (Total)202212202112Var.(%)% of (Total)202212202112Var.(%)% of (Total)202203202103Var.(%)
Sales
Real Estate97.431,587.56807.0796.7196.573,120.391,821.3871.3297.332,622.022,020.0529.80
Hospitality2.5741.9024.9468.003.43110.7749.13125.462.6771.9532.53121.18
Total Reported Sales100.001,629.46832.0195.85100.003,231.161,870.5172.74100.002,693.972,052.5831.25
Less: Inter segment revenues 0.000.00- 0.000.00 0.000.00-
Net Sales100.001,629.46832.0195.85100.003,231.161,870.5172.74100.002,693.972,052.5831.25
PBIT
Real Estate98.44916.96318.94187.5097.851,681.16801.95109.6399.381,158.08994.1316.49
Hospitality1.5614.494.87197.542.1536.932.751,242.910.627.21-10.16LP
Total PBIT100.00931.45323.81187.65100.001,718.09804.70113.51100.001,165.29983.9718.43
Less : Interest38.0919.9690.83107.0054.4396.5886.0376.0413.14
Add: Other un-allcoable35.22247.37-85.76222.11272.51-18.49274.3216.491,563.55
PBIT Margin(%)
Real Estate 57.7639.521,824.08 53.8844.03984.68 44.1749.21-504.57
Hospitality 34.5819.531,505.55 33.345.602,774.20 10.02-31.234,125.36
PBT100.00928.58551.2268.46100.001,833.201,022.7879.24100.001,353.58924.4246.42
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