Results     29-Oct-23
Analysis
Oberoi Realty
Sales up 77%, net up 43%
Consolidated  net sales (including other operating income) of Oberoi Realty for the quarter ended Sep 2023 has increased 76.80% to Rs 1217.41 crore.  Operating profit margin has jumped from 45.08% to 52.42%, leading to 105.58% rise in operating profit to Rs 638.21 crore.  Employee cost decreased from 2.93% to 2.32%.   Other expenses fell from 53.24% to 33.87%.   Other direct service cost fell from 50.10% to 28.12%.   Other income rose 13.75% to Rs 26.39 crore.  PBIDT rose 99.20% to Rs 664.6 crore.  Provision for interest rose 55.58% to Rs 56.49 crore.  PBDT rose 104.52% to Rs 608.11 crore.  Provision for depreciation rose 12.54% to Rs 11.31 crore.  Profit before tax grew 107.74% to Rs 596.80 crore.  Share of profit/loss was 97.92% lower at Rs 2.09 crore.  Provision for tax was expense of Rs 142.13 crore, compared to Rs 69.24 crore.  Effective tax rate was 23.73% compared to 17.85%. Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 43.36% to Rs 456.76 crore.  

  • Sales of Real Estate segment has gone up 79.86% to Rs 1,177.23 crore (accounting for 96.70% of total sales).  Sales of Hospitality segment has gone up 17.97% to Rs 40.18 crore (accounting for 3.30% of total sales).  
  • Profit before interest, tax and other unallocable items (PBIT) has jumped 119.01% to Rs 661.77 crore.  PBIT of Real Estate segment rose 121.97% to Rs 648.68 crore (accounting for 98.02% of total PBIT).  PBIT of Hospitality segment rose 31.96% to Rs 13.09 crore (accounting for 1.98% of total PBIT).  
  • PBIT margin of Real Estate segment rose from 44.65% to 55.10%.  PBIT margin of Hospitality segment rose from 29.13% to 32.58%.  Overall PBIT margin rose from 43.88% to 54.36%.  

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


Net sales (including other operating income) of Oberoi Realty for the half year ended Sep 2023 has increased 32.82% to Rs 2127.38 crore.  Sales of Real Estate segment has gone up 33.59% to Rs 2,047.77 crore (accounting for 96.26% of total sales).  Sales of Hospitality segment has gone up 15.59% to Rs 79.61 crore (accounting for 3.74% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 43.70% to Rs 1,130.37 crore.  PBIT of Real Estate segment rose 44.45% to Rs 1,103.91 crore (accounting for 97.66% of total PBIT).  PBIT of Hospitality segment rose 17.91% to Rs 26.46 crore (accounting for 2.34% of total PBIT).  

PBIT margin of Real Estate segment rose from 49.86% to 53.91%.  PBIT margin of Hospitality segment rose from 32.58% to 33.24%.  Overall PBIT margin rose from 49.11% to 53.13%.  

Operating profit margin has jumped from 50.11% to 52.27%, leading to 38.54% rise in operating profit to Rs 1,111.95 crore.  Employee cost decreased from 2.58% to 2.55%.   Other expenses fell from 44.17% to 37.16%.   Other direct service cost fell from 41.27% to 32.26%.   

Other income rose 11.31% to Rs 49.98 crore.  PBIDT rose 37.10% to Rs 1161.93 crore.  Provision for interest rose 71.27% to Rs 118.02 crore.   

PBDT rose 34.08% to Rs 1043.91 crore.  Provision for depreciation rose 14.02% to Rs 22.61 crore.   

Profit before tax grew 34.60% to Rs 1,021.30 crore.  Share of profit/loss was 97.38% lower at Rs 3.82 crore.  Provision for tax was expense of Rs 246.7 crore, compared to Rs 182.94 crore.  Effective tax rate was 24.07% compared to 20.22%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 7.86% to Rs 778.42 crore.  

Management Comments :

Commenting on the Q2FY24 results, Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, said, " India has sustained its growth momentum and emerged as the fastest growing major economy in this fiscal year. Despite the headwinds from renewed geo-political tensions and sluggish global demand, India’s macroeconomic outlook is optimistic and firmly bolstered by strong domestic fundamentals. We believe the real estate market will continue its upward trajectory through consistently surging demand for established brands, spacious apartments and a desire for home ownership. We expect a strong demand in retail, driven by the festive season and increased consumer confidence. As one of India’s largest real estate brands, we are excited about our much-awaited foray into Thane as we launch our first residential project that follows the tenets of New Urbanism and offers aesthetically designed homes and a positive lifestyle upgrade." 

Others

Board of Directors of the Company at their meeting held on October 27, 2023 has declared interim dividend for FY23-24 at the rate of Rs. 2/- (Rupees Two only) per equity share i.e. 20% of the face value of equity shares of Rs. 10/- each. 

Equity capital stood at Rs 363.60 crore as of 30 September 2023 to Rs 363.60 crore as of 30 September 2022.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 67.70% as of 30 September 2023 ,compared to 67.70% as of 30 September 2022 .  

Cash flow from operating activities increased to Rs 1,471.71 crore for YTD ended September 2023 from Rs 150.76 crore for YTD ended September 2022.  Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 405.62 crore, compared to Rs 345.75 crore during the YTD ended September 2022.  

Loan funds rose to Rs 3,357.75 crore as of 30 September 2023 from Rs 2,998.94 crore as of 30 September 2022.  Inventories rose to Rs 8,259.89 crore as of 30 September 2023 from Rs 4,941.64 crore as of 30 September 2022.  Sundry debtors were higher at Rs 446.57 crore as of 30 September 2023 compared to Rs 75.02 crore as of 30 September 2022.  Cash and bank balance rose to Rs 588.48 crore as of 30 September 2023 from Rs 304.03 crore as of 30 September 2022.  Investments declined from Rs 2,525.57 crore as of 30 September 2022 to Rs 728.53 crore as of 30 September 2023.  Fixed assets increased to Rs 5,397.09 crore as of 30 September 2023 from Rs 4,600.22 crore as of 30 September 2022.  Intangible assets declined from Rs 2.32 crore to Rs 1.91 crore.  
 


Oberoi Realty : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202309202209Var.(%)202309202209Var.(%)202303202203Var.(%)
Net Sales (including other operating income)1,217.41688.5976.802,127.381,601.7032.824,192.582,693.9755.63
OPM (%)52.4245.08734 bps52.2750.11216 bps50.3743.85652 bps
OP638.21310.44105.581,111.95802.6138.542,111.651,181.3478.75
Other Inc.26.3923.2013.7549.9844.9011.31100.6258.4572.15
PBIDT664.60333.6499.201,161.93847.5137.102,212.271,239.7978.44
Interest56.4936.3155.58118.0268.9171.27169.0586.0396.50
PBDT608.11297.33104.521,043.91778.6034.082,043.221,153.7677.09
Depreciation11.3110.0512.5422.6119.8314.0239.7539.78-0.08
PBT596.80287.28107.741021.3758.7734.602003.471113.9879.85
Share of Profit/(Loss) from Associates2.09100.58-97.923.82145.87-97.38220.41239.6-8.01
PBT before EO598.89387.8654.411025.12904.6413.322223.881353.5864.30
EO Income00-00-00-
PBT after EO598.89387.8654.411025.12904.6413.322223.881353.5864.30
Taxation142.1369.24105.27246.7182.9434.85319.34306.484.20
PAT456.76318.6243.36778.42721.77.861904.541047.181.89
Minority Interest (MI)00-00-00-
Net profit456.76318.6243.36778.42721.77.861904.541047.181.89
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations456.76318.6243.36778.42721.77.861904.541047.181.89
EPS (Rs)*12.568.7643.3621.4119.857.8652.3828.8081.89
* 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)202309202209Var.(%)% of (Total)202309202209Var.(%)% of (Total)202303202203Var.(%)
Sales
Real Estate96.701,177.23654.5379.8696.262,047.771,532.8333.5996.264,035.702,622.0253.92
Hospitality3.3040.1834.0617.973.7479.6168.8715.593.74156.8871.95118.04
Total Reported Sales100.001,217.41688.5976.80100.002,127.381,601.7032.82100.004,192.582,693.9755.63
Less: Inter segment revenues 0.000.00- 0.000.00 0.000.00-
Net Sales100.001,217.41688.5976.80100.002,127.381,601.7032.82100.004,192.582,693.9755.63
PBIT
Real Estate98.02648.68292.24121.9797.661,103.91764.2044.4597.302,038.301,158.0876.01
Hospitality1.9813.099.9231.962.3426.4622.4417.912.7056.627.21685.30
Total PBIT100.00661.77302.16119.01100.001,130.37786.6443.70100.002,094.921,165.2979.78
Less : Interest56.4936.3155.58118.0268.9171.27169.0586.0396.50
Add: Other un-allcoable-6.39122.01PL12.77186.91-93.17298.01274.328.64
PBIT Margin(%)
Real Estate 55.1044.651,045.34 53.9149.86405.24 50.5144.17633.93
Hospitality 32.5829.13345.33 33.2432.5865.39 36.0910.022,607.04
PBT100.00598.89387.8654.41100.001,025.12904.6413.32100.002,223.881,353.5864.30
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