ICICIdirect has recommended 'Hold' on Oberoi Realty with a price target of Rs 270 as against the current market price (CMP) of Rs 269 in its report dated Oct. 22, 2012. The broking firm gave following investment rationale on the stock:
Oberoi Realty reported consolidated net sales of Rs 2.57 billion (higher by 16.6% YoY) against our expectation of Rs 2.10 billion on account of superior execution in the residential segment.
The EBITDA margin at 57% was largely in line with our estimates of 56.8%. The PAT at Rs 1.24 billion (up 11.9% YoY), was higher than our estimates of Rs 1.06 billion given the higher topline
The pre-sales volume of 1,30,094 sq ft (vs. our estimates of 1,12,146 sq ft) was higher on account of higher sales volumes from Esquire.
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