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Motilal Oswal Report
Oberoi Realty Ltd. reported the highest ever quarterly sales in Q3 FY22, driven by-
the successful launch of the second phase in Elysian (Goregaon) and
a further pickup in sales velocity in the Borivali (Sky City) and JVLR (Maxima) projects.
Occupancies in commercial (office plus retail) remained stable QoQ at 89%. While hotel occupancies declined 12% QoQ, revenues were boosted by higher accounting rate of return.
Oberoi Realty commenced the profit recognition of 360 West, its Worli project, which led to a 101% YoY increase in profit after tax. On the back of earlier than-expected recognition, we increase our FY22E profit after tax by 60% and correspondingly reduce the same for FY23E by 34%.
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