Results     22-Jan-24
Analysis
Oberoi Realty
Sales down 35% and net down 49%
 

Consolidated net sales (including other operating income) of Oberoi Realty for the quarter ended Dec 2023 has declined 35.34% to Rs 1053.64 crore.  Operating profit margin has declined from 57.71% to 48.34%, leading to 45.83% decline in operating profit to Rs 509.36 crore.  Employee cost increased from 1.02% to 1.19%.   Other expenses rose from 49.76% to 76.76%.   Other direct service cost rose from 48.21% to 74.90%.   Other income rose 32.53% to Rs 29.21 crore.  PBIDT fell 44.04% to Rs 538.57 crore.  Provision for interest rose 31.43% to Rs 50.06 crore.  PBDT fell 47.15% to Rs 488.51 crore.  Provision for depreciation rose 11.69% to Rs 11.37 crore.  Profit before tax down 47.80% to Rs 477.14 crore.  Share of profit/loss was 84.83% lower at Rs 2.19 crore.  Provision for tax was expense of Rs 119.18 crore, compared to Rs 226.01 crore.  Effective tax rate was 24.86% compared to 24.34%. Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 48.74% to Rs 360.15 crore.  
  • Sales of Real Estate segment has gone down 36.73% to Rs 1,004.41 crore (accounting for 95.33% of total sales).  Sales of Hospitality segment has gone up 17.49% to Rs 49.23 crore (accounting for 4.67% of total sales).  
  • Profit before interest, tax and other unallocable items (PBIT) has slumped 45.59% to Rs 506.76 crore.  PBIT of Real Estate segment fell 46.85% to Rs 487.37 crore (accounting for 96.17% of total PBIT).  PBIT of Hospitality segment rose 33.82% to Rs 19.39 crore (accounting for 3.83% of total PBIT).  
  • PBIT margin of Real Estate segment fell from 57.76% to 48.52%.  PBIT margin of Hospitality segment rose from 34.58% to 39.39%.  Overall PBIT margin fell from 57.16% to 48.10%.  

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


Consolidated net sales (including other operating income) of Oberoi Realty for nine month ended Dec 2023 has declined 1.55% to Rs 3181.02 crore.  

Operating profit margin has declined from 53.94% to 50.97%, leading to 6.98% decline in operating profit to Rs 1,621.30 crore.  Employee cost increased from 1.71% to 1.79%.   Other expenses rose from 47.30% to 59.18%.   Other direct service cost rose from 45.23% to 55.97%.   

Other income rose 18.30% to Rs 79.19 crore.  PBIDT fell 6.05% to Rs 1700.49 crore.  Provision for interest rose 57.08% to Rs 168.08 crore.  

PBDT fell 10.01% to Rs 1532.41 crore.  Provision for depreciation rose 13.23% to Rs 33.98 crore.  

Profit before tax down 10.43% to Rs 1,498.43 crore.  Share of profit/loss was 96.24% lower at Rs 6.03 crore.  Provision for tax was expense of Rs 365.88 crore, compared to Rs 408.94 crore.  Effective tax rate was 24.32% compared to 22.31%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 20.06% to Rs 1,138.58 crore.  

Sales of Real Estate segment has gone down 2.19% to Rs 3,052.18 crore (accounting for 95.95% of total sales).  Sales of Hospitality segment has gone up 16.31% to Rs 128.84 crore (accounting for 4.05% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has slumped 4.71% to Rs 1,637.14 crore.  PBIT of Real Estate segment fell 5.35% to Rs 1,591.28 crore (accounting for 97.20% of total PBIT).  PBIT of Hospitality segment rose 24.18% to Rs 45.86 crore (accounting for 2.80% of total PBIT).  

PBIT margin of Real Estate segment fell from 53.88% to 52.14%.  PBIT margin of Hospitality segment rose from 33.34% to 35.59%.  Overall PBIT margin fell from 53.17% to 51.47%.  

Management Comments :
Commenting on the overwhelming response to the project, Mr. Vikas Oberoi, Chairman and Managing Director, Oberoi Realty Limited said, “We are thrilled with the response received to the launch of our new tower in Elysian at Oberoi Garden City, Goregaon. It is very encouraging to see the continuous faith of our customers in the brand and its offerings. Elysian by Oberoi Realty is an extraordinary project in the ready ecosystem of Oberoi Garden City, Goregaon that redefines luxury and is designed to strike a balance between fine living and sense of community”.

Others

The company launched a new tower in Elysian at Oberoi Garden City, Goregaon on 19th January 2023 and has recorded gross booking value of ~Rs. 882 crores for ~ 2.20 Lakh sq. ft. (carpet area).

Promoters’ stake was 67.70% as of 31 December 2023 ,compared to 67.70% as of 31 December 2022 .  


  

Oberoi Realty : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202312202212Var.(%)202312202212Var.(%)202303202203Var.(%)
Net Sales (including other operating income)1,053.641,629.46-35.343,181.023,231.16-1.554,192.582,693.9755.63
OPM (%)48.3457.71-937 bps50.9753.94-297 bps50.3743.85652 bps
OP509.36940.37-45.831,621.301,742.96-6.982,111.651,181.3478.75
Other Inc.29.2122.0432.5379.1966.9418.30100.6258.4572.15
PBIDT538.57962.41-44.041,700.491,809.90-6.052,212.271,239.7978.44
Interest50.0638.0931.43168.08107.0057.08169.0586.0396.50
PBDT488.51924.32-47.151,532.411,702.90-10.012,043.221,153.7677.09
Depreciation11.3710.1811.6933.9830.0113.2339.7539.78-0.08
PBT477.14914.14-47.801498.431672.89-10.432003.471113.9879.85
Share of Profit/(Loss) from Associates2.1914.44-84.836.03160.31-96.24220.41239.6-8.01
PBT before EO479.33928.58-48.381504.461833.2-17.932223.881353.5864.30
EO Income00-00-00-
PBT after EO479.33928.58-48.381504.461833.2-17.932223.881353.5864.30
Taxation119.18226.01-47.27365.88408.94-10.53319.34306.484.20
PAT360.15702.57-48.741138.581424.26-20.061904.541047.181.89
Minority Interest (MI)00-00-00-
Net profit360.15702.57-48.741138.581424.26-20.061904.541047.181.89
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations360.15702.57-48.741138.581424.26-20.061904.541047.181.89
EPS (Rs)*9.9119.32-48.7431.3139.17-20.0652.3828.8081.89
* 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)202312202212Var.(%)% of (Total)202312202212Var.(%)% of (Total)202303202203Var.(%)
Sales
Real Estate95.331,004.411,587.56-36.7395.953,052.183,120.39-2.1996.264,035.702,622.0253.92
Hospitality4.6749.2341.9017.494.05128.84110.7716.313.74156.8871.95118.04
Total Reported Sales100.001,053.641,629.46-35.34100.003,181.023,231.16-1.55100.004,192.582,693.9755.63
Less: Inter segment revenues 0.000.00- 0.000.00 0.000.00-
Net Sales100.001,053.641,629.46-35.34100.003,181.023,231.16-1.55100.004,192.582,693.9755.63
PBIT
Real Estate96.17487.37916.96-46.8597.201,591.281,681.16-5.3597.302,038.301,158.0876.01
Hospitality3.8319.3914.4933.822.8045.8636.9324.182.7056.627.21685.30
Total PBIT100.00506.76931.45-45.59100.001,637.141,718.09-4.71100.002,094.921,165.2979.78
Less : Interest50.0638.0931.43168.08107.0057.08169.0586.0396.50
Add: Other un-allcoable22.6335.22-35.7535.40222.11-84.06298.01274.328.64
PBIT Margin(%)
Real Estate 48.5257.76-923.61 52.1453.88-174.07 50.5144.17633.93
Hospitality 39.3934.58480.42 35.5933.34225.52 36.0910.022,607.04
PBT100.00479.33928.58-48.38100.001,504.461,833.20-17.93100.002,223.881,353.5864.30
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