Traction at Elysian and Eternia remain strong

OBER released its quarterly update highlighting key business numbers for 1QFY23. Following are the key takeaways:

* The value of OBER’s pre-sales dipped by 18% QoQ to INR7.5b (in line) in 1QFY23, but grew 4x YoY on a lower base.

* The company booked 164 units in 1QFY23, with a cumulative area of 0.4msf, down 23% sequentially.

* As per RERA, sales traction at Elysian (Goregaon) and Eternia (Mulund) remains strong as these projects clocked bookings of 39 and 30 units, respectively.

* Performance at Sky City (Borivali) and Enigma (Mulund) were relatively soft, with sales of 71 and 17, respectively, in 1QFY23

* RERA data indicate that the company has also sold two units at Three Sixty West. Since the project is now very close to receiving its OC, we would watch for the company’s sales strategy going forward.

* We expect the company to maintain its sales momentum in FY23 as it is planning to launch one tower each in Borivali (Sky City) and Goregaon (Elysian), and the first phase of its Thane project along Pokhran Road.

Valuation and view:

We will revisit our estimates after the release of its 1QFY23 earnings. We maintain our Buy rating.

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