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Informist, Tuesday, Jul. 22, 2025

By Sunil Raghu

AHMEDABAD – Oberoi Realty Ltd. has not lined up any new launches in the September quarter, the management of the Mumbai-based premium real estate player said Tuesday. The company will launch projects in Borivali in Oct-Dec and the National Capital Region and Peddar Road in Jan-Mar, its Chairman and Managing Director Vikas Oberoi told analysts in a post-earnings conference call.

Oberoi said while the company has been constantly buying and selling and evaluating more than 1,000 land proposals a year, he has nothing to disclose, except that the company is busy with a lot of activity around business development. "Sometimes, I feel I am giving too much time to business development now," he said.

For Oberoi Realty, the land parcels should meet all its criteria, as the company is focused on projects in Mumbai and the NCR and is not in a hurry, he said. Oberoi said that while they wanted to establish sales in Gurgaon, in Mumbai, they would continue to look at all "good" suburbs where they do not need to promote their product aggressively. 

The company announced its June quarter earnings on Monday, with its consolidated net profit in the reporting quarter falling nearly 28% year-on-year to INR 4.21 billion. The analysts had expected the company to earn a net profit of INR 5.61 billion in the June quarter. Its revenue declined nearly 30% on year to INR 9.88 billion, also falling short of the Street's expectation of INR 13.51 billion. Sequentially, the bottom line was down nearly 3% and the top line fell 14%. 

The realty firm's consolidated earnings before interest, taxation, depreciation, and amortisation in the June quarter came in at INR 6.07 billion, down 25.5% from INR 8.15 billion a year ago. The EBITDA was also sharply lower than the analysts' estimate of INR 7.90 billion. 

Oberoi Realty completed a private equity transaction, receiving INR 12.50 billion in I-Ven Realty Ltd., its joint venture entity, the company said in its investor presentation. Oberoi Realty also announced that it had commenced bookings for Elysian Tower D of Oberoi Garden City in Goregaon.

Sharing operational updates on the project, Oberoi Realty management said that it has commenced demolition at its Gurgaon project site after obtaining all the requisite clearances and licences. The land title for the Gurgaon project site was all clear and the company was getting ready to launch in Gurgaon. On the chatter that Gurgaon was fast becoming a saturated market with a lot of inventory generated, Oberoi's management said that they had bought the land prudently and there was nothing to worry.

On the Sky City Mall project in Borivali, the company management said they were receiving good response from both consumers and retail partners. Oberoi said nearly the entire Commerz-I and Commerz-II projects have been leased out and the Commerz-III project was nearly 85% leased out. "It's like every day literally, you know, new shops are opening as we speak. So both really, really exceeding expectation," he said.
 
Tuesday, shares of Oberoi Realty closed at INR 1,826.20 on the National Stock Exchange, down 0.5%.  End

Edited by Saji George Titus

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