Capitaline

Results 01-Aug-21

Analysis

Oberoi Realty

Booked 0.92 lakh sft of area in Q1FY22

Consolidated net sales (including other operating income) of Oberoi Realty for the quarter ended Jun 2021 has increased 140.85% to Rs 284.25 crore. Operating profit margin has slumped from 49.09% to 43.93%, leading to 115.52% rise in operating profit to Rs 124.87 crore. Employee cost decreased from 7.58% to 5.58%. Other expenses fell from 55.00% to 49.76%. Other direct service cost fell from 49.78% to 45.56%. Other income rose 19% to Rs 10.52 crore. Provision for interest fell 3.24% to Rs 17.34 crore. Provision for depreciation fell 4.45% to Rs 10.09 crore. Profit before tax grew 181.88% to Rs 107.96 crore. Share of profit/loss was 12.84% higher at Rs 1.67 crore. Provision for tax was expense of Rs 29 crore, compared to Rs 11.71 crore. Effective tax rate was 26.45% compared to 29.44%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 187.25% to Rs 80.63 crore.

Sales of Real Estate segment has gone up 139.29% to Rs 276.48 crore (accounting for 97.27% of total sales). Sales of Hospitality segment has gone up 213.31% to Rs 7.77 crore (accounting for 2.73% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 136.57% to Rs 116.51 crore. PBIT of Real Estate segment rose 116.03% to Rs 120.24 crore (accounting for 103.20% of total PBIT). PBIT of Hospitality segment fell 41.81% to Rs -3.73 crore (accounting for -3.20% of total PBIT).

PBIT margin of Real Estate segment fell from 48.17% to 43.49%. PBIT margin of Hospitality segment rose from negative 258.47% to negative 48.01%. Overall PBIT margin fell from 41.73% to 40.99%.

Other deveopments

Total area booked for Q1FY22 was 0.92 lakh sq. ft. as against 0.12 lakh sq. ft. booked in Q1FY21 and the total value was Rs. 169.97 crore for Q1FY22 as against Rs. 24.79 crore for Q1FY21.

Promoters’ stake was 67.70% as of 30 June 2021, compared to 67.70% as of 30 June 2020.

Management Comments :
Commenting on the Q1FY22 results, Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said, “The real estate sector is undergoing major consolidation as very few developers have the financial stability to undertake large capital-intensive projects. Therefore, the market share of reputed brands with strong executional capabilities will continue to grow. This places Oberoi Realty in an exceptional position to leverage our strong financial governance and deliver value to all our stakeholders. We also have a robust pipeline of new launches with “first of a kind” design concept. These are specially created keeping in mind the new requirements of the homebuyer post the pandemic. We believe that despite the pandemic, Oberoi Realty is resilient to perform, progress and deliver excellence. We will continue to focus on customer centric designs, execution and delivery thus meeting all our commitments.”

Oberoi Realty : Consolidated Results

	Quarter ended			Year ended
Particulars	202106	202006	Var.(%)	202103	202003	Var.(%)
Net Sales (including other operating income)	284.25	118.02	140.85	2,052.58	2,237.63	-8.27
OPM (%)	43.93	49.09	-516 bps	48.74	46.83	190 bps
OP	124.87	57.94	115.52	1,000.39	1,047.97	-4.54
Other Inc.	10.52	8.84	19.00	38.01	48.35	-21.39
PBIDT	135.39	66.78	102.74	1,038.40	1,096.32	-5.28
Interest	17.34	17.92	-3.24	76.04	88.47	-14.05
PBDT	118.05	48.86	141.61	962.36	1,007.85	-4.51
Depreciation	10.09	10.56	-4.45	41.19	44.87	-8.20
PBT	107.96	38.30	181.88	921.17	962.98	-4.34
Share of Profit/(Loss) from Associates	1.67	1.48	12.84	3.25	5.91	-45.01
PBT before EO	109.63	39.78	175.59	924.42	968.89	-4.59
EO Income	0	0	-	0	0	-
PBT after EO	109.63	39.78	175.59	924.42	968.89	-4.59
Taxation	29	11.71	147.65	185.13	279.56	-33.78
PAT	80.63	28.07	187.25	739.29	689.33	7.25
Minority Interest (MI)	0	0	-	0	0	-
Net profit	80.63	28.07	187.25	739.29	689.33	7.25
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	80.63	28.07	187.25	739.29	689.33	7.25
EPS (Rs)*	2.22	0.77	187.25	20.33	18.96	7.25

* 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

	Quarter ended				Year ended
	% of (Total)	202106	202006	Var.(%)	% of (Total)	202103	202003	Var.(%)
Sales
Real Estate	97.27	276.48	115.54	139.29	98.42	2,020.05	2,106.14	-4.09
Hospitality	2.73	7.77	2.48	213.31	1.58	32.53	131.49	-75.26
Total Reported Sales	100.00	284.25	118.02	140.85	100.00	2,052.58	2,237.63	-8.27
Less: Inter segment revenues		0.00	0.00	-		0.00	0.00	-
Net Sales	100.00	284.25	118.02	140.85	100.00	2,052.58	2,237.63	-8.27
PBIT
Real Estate	103.20	120.24	55.66	116.03	101.03	994.13	977.34	1.72
Hospitality	-3.20	-3.73	-6.41	-41.81	-1.03	-10.16	35.14	PL
Total PBIT	100.00	116.51	49.25	136.57	100.00	983.97	1,012.48	-2.82
Less : Interest		17.34	17.92	-3.24		76.04	88.47	-14.05
Add: Other un-allcoable		8.79	6.97	26.11		13.24	38.97	-66.03
PBIT Margin(%)
Real Estate		43.49	48.17	-468.42		49.21	46.40	280.88
Hospitality		-48.01	-258.47	21,046.26		-31.23	26.72	-5,795.72
PBT	100.00	107.96	38.30	181.88	100.00	921.17	962.98	-4.34

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