ICICI Securities upgrades Oberoi Realty to buy, target price Rs 577
Buy Oberoi Realty Ltd. at a price target of Rs 577.0 .
For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 603.25 crore, up 5.19 % from last quarter sales of Rs 573.51 crore and down -32.09 % from last year same quarter sales of Rs 888.26 crore. The company has reported net profit after tax of Rs 150.83 Crore in latest quarter.
Recent negative developments in the real estate sector, where funding from NBFCs has slowed down, has raised questions about developers’ ability to keep their heads above water and having to resort to steep discounts to offload inventory and pay off their maturing debt, said ICICI Securities. While majority developers in Mumbai comprise mid- and smalltier developers with stretched balance sheets, Oberoi Realty clearly stands out with its strong balance sheet and execution track record, the brokerage said.