Add Oberoi Realty, target price Rs 988: ICICI Securities

Promoters held 67.7 per cent stake in the company as of 30-Jun-2022, while FIIs owned 19.42 per cent, DIIs 9.99 per cent.

ICICI Securities

has add call onOberoi Realtywith a target price of Rs 988. The current market price of

Oberoi Realty Ltd

. is Rs 895.

Oberoi Realty Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 32627.85 Crore) operating in Real Estate sector.

Oberoi Realty

Ltd. key Products/Revenue Segments include Income from Project Development, Lease Rentals, Income from Hospitality and Other Operating Revenue for the year ending 31-Mar-2022.

Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 711.79 Crore, down -23.86 % from last quarter Total Income of Rs 934.81 Crore and down -7.38 % from last year same quarter Total Income of Rs 768.52 Crore. Company reported net profit after tax of Rs 218.04 Crore in latest quarter.

Investment RationaleWhile investors have been concerned over a possible rise in the company’s debt levels owing to this proposed transaction, the company has sought to allay these concerns and guides that this will be a cash neutral transaction for the company. The brokerage retains ADD rating with an unchanged TP of Rs988/share. Key risks are a decline in demand for residential properties and weakness in office leasing.
Promoter/FII Holdings Promoters held 67.7 per cent stake in the company as of 30-Jun-2022, while FIIs owned 19.42 per cent, DIIs 9.99 per cent.

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