India`s Oberoi Realty posts Q3 profit jump on strong luxury home demand
India's Oberoi Realty reported a higher third-quarter profit on Monday, driven by rising demand for luxury homes and office spaces.
The real-estate developer's consolidated net profit jumped 72% to 6.18 billion rupees ($71 million) for the three months ended Dec. 31.
Revenue from operations increased 34% to 14.11 billion rupees.
For further results highlights, click.
KEY CONTEXT
India's real estate sector continued to witness firm demand for home ownership, with focus on premium properties.
With an increasingly affluent middle class in tier-1 cities looking to upgrade to more premium offerings - from branded apparel to smartphones - demand for premium properties has also gained momentum.
Moreover, a return-to-office push by companies has further boosted rental demand for developers such as Oberoi Realty.
PEER COMPARISON
Estimates (next Analysts' sentiment
12 months)
RIC PE EV/EBIT Revenue Profit Mean # of Stock to Div
DA growth growth rating analysts price yield
(%) (%) * target** (%)
Oberoi Realty 24.85 18.67 25.16 25.75 Hold 22 0.96 0.40
Sobha 25.49 14.54 22.78 119.58 Buy 13 0.66 0.23
DLF 43.53 53.61 20.47 21.46 Buy 17 0.78 0.67
Brigade 35.40 17.42 16.96 32.62 Strong 10 0.79 0.18
Enterprises Buy
* 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
OCTOBER TO DECEMBER STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 86.5060 Indian rupees
