Oberoi Realty planning to raise Rs 35 bn of capital via combination of equity and NCD

4QFY20 revenue was up 7.3% YoY to Rs 6,155 million (v/s est. Rs 6,556 million). (Representative image)

In the residential segment, volume declined 12.2% yoy to 0.13msf (-18% qoq) impacted by lower booking at Esquire and Three sixty West. However, Eternia saw strong booking (up 1.2x) at 0.02msf. Booking value declined 28% yoy to Rs 2,303 million in 4QFY20. Collections in 4QFY20 was flat YoY at Rs 4024 million. In the commercial segment, revenue/ebitda remained flat YoY to Rs 898 million/Rs 862 million with ebitda margin contraction of 20bps to 96.0%. in the hospitality segment, revenue/ebitda declined 20%/36% YoY to Rs 302 million/Rs 96 million with ebitda margin contraction of 820bp to 32.0%.

4QFY20 revenue was up 7.3% YoY to Rs 6,155 million (v/s est. Rs 6,556 million). Ebitda was up 76.7% to Rs 3,705 million (v/s est. Rs 2,821 million). Ebitda margins expanded 2,365bp to 60.2% (v/s est. 43.0%). PBT grew 60% YoY to Rs 3,494 million (v/s est. Rs 2,570 million). Adj. PAT increased 61% YoY to Rs 2,510 million (v/s est. Rs 1,914 million). Net debt stood at Rs 10.4 billion, with net debt to equity at 0.12x. For FY20, revenue/ebitda/adj. PAT declined 13%/9%/16% YoY to Rs 22.4 billion/Rs 10.5 billion/Rs 6.9 billion.

Ebitda margin expanded 210bp to 46.9%. On capital raise plans, company is planning to raise Rs 35 billion of capital via combination of equity (Rs 20 billion) and NCD (Rs 15 billion).

in the residential segment, pre-sales volume declined significantly by 95% YoY to 0.012msf (-90% QoQ), impacted by lockdown on account of Covid-19. Booking value declined 94% YoY to Rs 241. Collection declined 79% YoY to Rs 853 million. In the commercial segment, revenue/ebitda declined 45%/44% YoY to Rs 517 million/Rs 497 million, with ebitda margin expansion of 45bp to 96.3%. Leasing revenue was largely impacted by closure of Oberoi mall due to lockdown.

In the hospitality segment, revenue declined significantly by 91% YoY to Rs 30 million with ebitda-level loss of Rs 44 million. On account of countrywide lockdown, the operations of Oberoi Mall and Westin were severely impacted, and the company has not recognised the revenue from the mall for 1QFY21.

1QFY21 revenue was down 80.4% YoY to Rs 1,180 million (v/s est. Rs 4,049 million). Ebitda declined 75.4% YoY to Rs 579 million (v/s est. Rs 1,518 million). However, ebitda margins expanded 1,010bp to 49.1% (v/s est. 37.5%). PBT declined 82% YoY to Rs 383 million (v/s est. 1,313m). Adj. PAT declined 82% YoY to Rs 281m (v/s est. Rs 979 million).