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Wednesday, January 23, 2013

Mid Cap Stock Analysis - Oberoi Realty Limited

Stock analysis of Oberoi Realty Limited based upon 3QFY13 results along with recommendation.

3QFY13 revenues for Oberoi Realty Limited are at Rs. 310 crore, it is up 41% yoy and 9% qoq. These numbers are higher than stock analysts’ estimates.

EBITDA margin has improved by about 100 bps on a qoq basis for company. Operating margins for its hospitality business improved significantly to 20.8% compared to 9.2% last year and 4.9% in the previous quarter.

Contracted volume sales remained flat at 0.12 million sq ft vs 0.13 million sq ft in 2QFY13 and 0.12 million sq ft in 3QFY12.

Note the company has not included contracted sales volume from the Worli real estate project. This lower contracted sales volume is due to lack of no major launches.

Operating Cash Flows for company have moved back to positive territory. One may 'buy stocks’ of Oberoi Realty Limited with stock price target of Rs.351 in medium term.

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