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HDFC Securities Report
Q3 FY22 seems to be promising for the tier-I developers as pre-sales numbers reported by Sobha Ltd. and Oberoi Realty Ltd. remain strong and near all time highs, we believe that trend me be similar for other developers as well.
Despite an inauspicious period, holiday season toward December 2021 second half and emergence of Omicron, Q3 FY22 presales remained healthy.
Whilst January 2022 second half was expected to be launch heavy, we believe that Omicron driven Covid-19 wave three will push back the launches towards end of Q4 FY22.
We expect the aggregate revenue/Ebitda/profit after tax for the coverage universe to grow sequentially by 2/2/5%. The impact of commodities' prices will smoothen over the project completion period as companies will take the hit once projects complete.
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