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India's Oberoi Realty reported a jump in second-quarter profit boosted by sustained demand for its premium projects, including luxury homes and office spaces.

The real-estate developer's consolidated net profit jumped 29% to 5.89 billion rupees ($70 million) in the three months ended Sept. 30.

Its revenue from operations grew 8.5% to 13.20 billion rupees, marginally beating analysts' average estimates of 13.17 billion rupees, per data compiled by LSEG.

For further earnings highlights, (click here).

KEY CONTEXT

India's real estate sector has witnessed continued demand for home ownership in the past few quarters, with higher focus on premium properties.

Housing demand in India is heavily tilted towards the luxury segment with people in tier-one cities opting for premium homes as affordable housing market lags, according to analysts.

Additionally, return-to-office initiatives by companies have further bolstered rental realisations for developers such as Oberoi Realty.

The Mumbai-based developer is the first among its peers to report quarterly results.

PEER COMPARISON

Valuation (next 12 Estimates (next 12 Analysts' sentiment

months) months)

RIC PE EV/EBITDA Revenue Profit Mean No. of Stock to Div

growth growth rating* analyst price yield

s target** (%)

Oberoi Realty 26.73 19.92 26.98 27.64 Hold 20 1.08 0.39

DLF 53.93 66.77 26.56 25.07 Buy 16 0.91 0.57

Sobha 40.61 27.21 25.32 142.22 Buy 13 0.88 0.16

Brigade Enterprises 43.47 21.21 6.11 31.37 Buy 10 0.96 0.15

* The mean of analysts' 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

JULY-SEPTEMBER STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 84.0300 Indian rupees