The number of units sold dropped over 51 percent year-on-year to 181 in the December quarter from 371 in the year-ago quarter.
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Mumbai-based Oberoi Realty Ltd., which focuses on premium developments in the residential, office, retail, hospitality, and social infrastructure sectors, has announced that its sales in the December quarter have fallen sharply compared to a year ago.
According to its quarterly sales update, Oberoi Realty recorded a 67 percent fall in booking value to Rs 639 crore in the December quarter from Rs 1,965 crore in the year-ago quarter.
The booking value has fallen compared to the previous quarter too, down 45 percent from Rs 1,156 crore in the September quarter.
The number of units sold dropped over 51 percent year-on-year to 181 in the December quarter from 371 in the year-ago quarter. However, it rose 37 percent sequentially from 132 in the September quarter.
The area booked dropped 65 percent to 3,61,664 square feet from 10,40,679 square feet a year ago. It inched down compared to the previous quarter as well when the area booked by the company was 3,70,414 square feet.
Following the announcement, shares of Oberoi Realty were trading flat at Rs 833.80. The stock has fallen nearly 7 percent in the past year compared to a nearly 6 percent increase in the benchmark Nifty during the same period.
In a research report dated November 25, 2022, ICICI Securities advised investors to ‘add’ Oberoi Realty shares with a target price of Rs 988 apiece.
Financial services firm Geojit also gave a ‘hold’ rating on the stock last year with a 12-month target of Rs 946. It said that while new project launches and ramp-up in new bookings may aid growth in the coming months, rising interest rates may impact realisations marginally, while the hike in material, labour, and approval costs could put the company’s margins under stress.
Shares of Oberoi Realty are trading 0.036 percent lower at Rs 831.25.