HDFC Securities maintains buy rating on Oberoi Realty; keeps target price at Rs 1158 a share

The brokerage firm said following satisfactory presales in FY23, it is anticipated that the company will achieve Rs6500 crore in pre sales for FY24

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Brokerage firm HDFC Securities has maintained buy rating on Oberoi Realty Ltd and kept its target price at Rs 1158 a share.

The brokerage firm said following satisfactory presales in FY23, it is anticipated that the company will achieve Rs6500 crore in pre-sales for FY24. This projection is supported by the introduction of new towers in Goregaon Garden City and the company’s inaugural project launch in the Thane micro market.

Commerz 3, a part of the commercial portfolio, is projected to become operational by March 2024. At maximum occupancy, it is expected to generate an annual rental income of Rs 500 crore.

Additionally, the Borivali mall is anticipated to commence operations by June 2024, with an estimated annual rental income of Rs350 crore at maximum occupancy. While there is a strong pipeline of leads, the management’s focus will gradually shift towards new business development and upcoming launches, requiring additional bandwidth, the brokerage firm said.

The firm achieved sales of 1.67 million square feet in FY23, compared to 1.3 million square feet a year ago. Presales, based on the saleable area, increased to 2.5 million square feet, up from 2.1 million square feet in FY22. As a result, the overall loading, which represents the ratio of saleable area to carpet area, decreased to 33.2 percent in FY23 from 38.1 percent in FY22.

The gross debt has increased to Rs 3,900 crore from Rs 3,000 crore as of December 2022, primarily due to the financing of a unit sale transaction with Oasis Realty.

HDFC Securities has confidence in the cash flow generation potential of ORL (presumably Oasis Realty Limited) through the ready-to-move-in inventory in the 360W and Mulund projects. Additionally, the company’s focus on new business development outside the Mumbai Metropolitan Region (MMR) is expected to contribute to further rerating and growth, the brokerage house said.