Oberoi Realty Q1FY25 Concall Summary
Business Updates
- Another quarter of strong performance despite no new launches
Participants
Ambit Capital
Morgan Stanley
Motilal Oswal
CLSA
Prospero Tree
QnA
- The sales saliency in the Thane project will only get better as customers have appreciated the Kolshet Road project and similar demand should be seen for the Pokhran Road project
- Expecting better sales in the 360 West project since partner has exhausted all inventory and the new projects are 2-3 years into delivery
- In the Glaxo Worli project doing a mixed-use development with a small boutique hotel, a mall and an office project. The developable area should be between 1.6-1.8 million sq foot carpet area
- Currently thinking of 6-8 lakh sq foot of mall, 1 lakh sq foot of hotel and 1 million sq foot of office space in this mixed use project in Worli
- Since company is not allowed to borrow to buy land cash is conserved to take use of an opportunity when it becomes available
- As far as leasing goes will be done 80-90% by this year itself
- As of June 2024 70% area in Commerz III is leased out
- In terms of launches one tower in Goregaon, one tower in Borivali and two towers in Pokhran Road during the festive season will be launched