Oberoi Realty gains on solid Q2 performance

The management said the strong uptrend in the real-estate market will continue to buoy the company’s earnings growth

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Oberoi Realty gained 2 percent in the morning trade on October 30 after the company’s consolidated net profit rose 43 percent on-year to Rs 456 crore in the July-September quarter (Q2FY24).

The realty stock has surged 28 percent this year as against a 4 percent rise in the Sensex benchmark. The stock touched a 52-week high of Rs 1,206 on September 11.

The Mumbai-based company’s income jumped 75 percent on-year to Rs 1,243 crore, driven by strong demand of home ownership. Total expenses, too, were up 52 percent on-year at Rs 647 crore.

The management said the strong uptrend in the real estate market would continue to buoy the company’s earnings growth.

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“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,” Oberoi Realty Chairman and Managing Director Vikas Oberoi said.

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Analysts at Motilal Oswal have a “buy” rating on the counter. The company’s profit improved in the second quarter as income from 360 West, which was earlier accounted as JV contribution, is now owned by the wholly-owned subsidiary of the company, they said.

In an earlier note, analysts at HDFC Securities shared a “buy” call for Oberoi Realty with a target price of Rs 1,024.

“We like Oberoi Realty as it has no competition in the premium real estate segment and has planned a slew of launches for H2FY24,” the brokerage firm said.

At 11 am, the stock was trading at Rs 1,117.45 on NSE, up 1.68 percent from the previous close.

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