Shares of this real estate development company rose approximately 4 percent on Monday after it secured Rs.1,348 crore in bookings for the Thane Integrated Development Project within just three days.
Share Price Movement
In Monday’s trading session, Oberoi Realty Ltd share price hit an intraday high of Rs.2,004.60 per share, marking a 3.8 percent increase from the previous close of Rs.1,931.50 per share. Over the past five years, the shares have increased by over 300 percent.
What is the News
Oberoi Realty announced on Monday the launch of its latest integrated development project, Oberoi Garden City Thane, on October 18, which achieved a gross booking value of Rs.1,348 crore for 5.65 lakh square feet within the first three days.
Spanning 75 acres, Oberoi Garden City features over 30 world-class amenities, including a five-star JW Marriott Hotel, a private membership club, and the Oberoi International School.
The initial phase of development features five residential towers set amidst expansive gardens, with bookings for two of these towers having started on October 18, 2024.
The apartments will include three-bedroom and three-bedroom plus studio layouts, starting at 1,475 square feet, with buildings soaring over 65 stories high.
Management Commentary
Commenting on the overwhelming response to the project, Mr. Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, said, “We are thrilled by the tremendous response to the launch of our latest project at Oberoi Garden City Thane. The trust and confidence our customers have shown in our brand and product deeply humbled and encourages us. This project epitomises our vision of delivering a holistic, luxurious living experience and we believe it will set a new benchmark for luxury in Thane.”
Dividend Payment
The company’s board of directors announced a second interim dividend for FY25 at the rate of Rs.2 per equity share, representing 20 percent of the Rs.10 face value. The record date for this interim dividend payment is November 4, 2024.
Shareholding Pattern
As per the shareholding pattern of September 2024, the Promoters hold a 67.71 percent stake in the company, Foreign Institutional Investors (FII) hold a 18.40 percent stake, while
Retail Investors and Domestic Institutional Investors (DII) hold a 11.95 percent and 1.94 percent stake in Oberoi Realty, respectively.
Financials
According to its recent financial updates, Oberoi Realty Ltd reported a revenue increase of 8.5 percent to Rs.1,320 crore in Q2 FY25 from Rs.1,217 crore in Q2 FY24. Profit after Tax also increased 29 percent to Rs.589 crore from Rs.457 crore during the same period.
At the operating level, EBITDA surged by 27.5 percent to Rs.813.8 crore in the second quarter, with the EBITDA margin rising to 61.7 percent from 52.4 percent in the previous year.
About the company
Oberoi Realty Ltd is a real estate development company, headquartered in Mumbai. It is a part of Oberoi Realty Group, focused on developments in the residential, office space, retail, hospitality, and social infrastructure verticals.
Written by – Siddesh S Raskar
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