India's Oberoi Realty Q1 profit jumps 82% on sustained demand for luxury projects
19/07/2024 12:29
BENGALURU, July 19 (Reuters) - India's Oberoi Realty OEBO.NS reported an 82% increase in first-quarter
profit on Friday on sustained demand for its luxury housing projects and higher prices.
The Mumbai-based developer said its consolidated net profit rose to 5.85 billion rupees (about $70 million) in the
April-June quarter, from 3.22 billion rupees a year ago.
For further earnings highlights, click
KEY CONTEXT
The demand for premium and luxury homes has stayed strong for the past few years, despite high inflation.
Sales of luxury homes, or those priced 100 million rupees and above, in Mumbai hit a record high in the first half
of the year, according to a report by CRE Matrix and India Sotheby's International Realty. Moreover, prices in the
Mumbai Metropolitan Region (MMR) rose 6% in the April-June period, per Colliers report.
PEER COMPARISON
Valuation (next Estimates (next 12 Analysts' sentiment
12 months) months)
RIC PE EV/EBIT Revenue Profit Mean # of Stock to Div
DA growth (%) growth rating* analysts price yield
(%) target** (%)
Oberoi Realty OEBO.NS 26.23 19.39 26.00 18.17 Hold 19 1.13 0.46
DLF DLF.NS 57.04 69.21 19.89 24.54 Hold 15 0.96 0.47
Sobha SOBH.NS 52.30 30.85 24.13 214.77 Buy 12 1.08 0.15
Brigade Enterprises BRIG.NS 49.89 21.56 14.47 35.28 Buy 11 1.03 0.15
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading
above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 83.6480 Indian rupees
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(Reporting by Anisha Ajith in Bengaluru; Editing by Savio D'Souza)
((anisha.ajith@thomsonreuters.com;))