Oberoi Realty (OBEROIRLTY) Q4 11/12 earnings summary

Executive summary

• FY2012 consolidated revenue declined 7.93% YoY to ₹97,478.55 lakh and PAT fell 10.50% to ₹46,287.26 lakh; PBT was down 1.55% to ₹60,591.53 lakh.

• Standalone revenue rose 25.19% to ₹55,025.31 lakh and PAT increased 49.46% to ₹25,493.45 lakh; sales area was approximately unchanged YoY, with higher realisations.

Financial highlights

• Consolidated revenue from operations fell 17.20% to ₹82,468.67 lakh; other income rose 139.20% to ₹15,009.88 lakh, supporting total revenue of ₹97,478.55 lakh.

• Consolidated EBITDA was ₹63,358.83 lakh versus ₹63,980.84 lakh; operating costs fell 16.79% to ₹36,887.02 lakh.

• Standalone EBITDA increased to ₹36,588.54 lakh from ₹26,320.48 lakh; PBT rose 39.90% to ₹34,284.61 lakh.

• Consolidated operating cash inflow was ₹32,629.70 lakh, while investing activities used ₹58,256.64 lakh; closing cash and cash equivalents were ₹1,10,790.33 lakh.

Outlook and guidance

• FY2013 outlook depends on global and domestic economic conditions, including Eurozone and US developments, inflation, rupee weakness and fiscal pressures; no quantified earnings guidance was stated.

• Planned approach: align construction, launches and sales with market realities; pursue premium development with global design and construction partners and continue customer and stakeholder investment.

• Mumbai’s amended development-control regulations were expected to support faster approvals, though market volumes and pricing remain tied to economic sentiment and demand-supply conditions.