Oberoi Realty (OBEROIRLTY) Q3 24/25 earnings summary

Executive summary

• Strong quarter with consolidated revenue for the quarter at ₹1,41,108 lakh, up from ₹1,05,364 lakh year-over-year, and net profit at ₹61,838 lakh, compared to ₹36,015 lakh; robust response to Jardin launch at Oberoi Garden City Thane and high occupancy in annuity assets.

• Net profit for 9MFY25 increased to Rs 179,234 lakh, compared to Rs 113,858 lakh in 9MFY24; operating margin improved to 60.08% for 9MFY25 from 50.97% in 9MFY24.

• Recent business development includes acquisition of Nirmal Lifestyle Realty, joint development agreement for 81 acres at Alibaug, and SRA appointment for Bandra Reclamation project.

• Board declared a 3rd interim dividend of ₹2 per equity share for FY 2024-25.

• Raised Rs 1,500 crore via Non Convertible Debentures and entered a development agreement for 81.05 acres in Alibaug.

Financial highlights

• Revenue from operations for 9MFY25 rose to Rs 413,613 lakh, up from Rs 318,102 lakh year-over-year; total consolidated assets at 9MFY25 stood at Rs 2,255,401 lakh.

• Cash and bank balances (including short-term investments) at 9MFY25 were Rs 344,701 lakh, up from Rs 92,994 lakh in 9MFY24.

• Diluted EPS for 9MFY25 was Rs 49.29, up from Rs 31.31 in 9MFY24; basic and diluted EPS (consolidated) for the quarter were ₹17.01, up from ₹9.91 year-over-year.

• Net operating cash flow for 9MFY25 was Rs 187,738 lakh, compared to Rs 192,570 lakh in 9MFY24.

• Pre-sales in some projects like 360 West and Borivali were softer this quarter due to strategic price increases and timing of launches, but underlying demand remains strong.

Outlook and guidance

• Multiple launches planned in the next 12-18 months across diverse locations, including Gurugram, Adarsh Nagar, Pedder Road, Tardeo, and SRA Nityanand.

• Expectation of continued strong sales from ready inventory in Mulund, Borivali, Goregaon, and Thane.

• Thane project to be developed in multiple phases, with ongoing launches and ecosystem development including a JW Marriott, mall, and international school.

• Forward-looking statements highlight strong growth prospects, with ongoing monitoring of economic and regulatory changes; revenues may not accrue evenly due to project-based business model.

• No signs of pricing resistance in Mumbai; price increases of up to 20% have been absorbed by the market.