This Real Estate Stock Could Surge 30%, Feels Motilal Oswal, Suggests “Buy”

Leading brokerage, Motilal Oswal asks investors to buy stock of Oberoi Realty, with a target price of Rs 1,100 per share, as per the analyst estimates. Based on current market price, the stock price could surge by 28% of this large cap realtor. Recently this bluechip real estate company shared its Q3FY23 results through a press release.

The revenue for Q3FY23 was reported at Rs 1,651.50 crore and for 9MFY23 it was Rs 3,298.10 crore. The profit before tax (PBT) for Q3FY23 was at Rs 928.58 crore and 9MFY23 at Rs 1,833.20 crore. While profit after tax (PAT) for Q3FY23 stood at Rs 701.77 crore and for 9MFY23 it was Rs 1,423.77 crore.

Buy shares of Oberoi Realty, with a target price of Rs 1,100 per share.

Motilal Oswal coverage report states the reason for a 'buy' view on this largecap stock. "On the back of part OC received by Mulund projects, we have assumed accelerated revenue recognition from the projects. Consequently, our FY23E revenue/EBITDA estimate is increased by 10%/18% and we reduce the same by 5%/6% in FY24E. Management has indicated a strong visibility on business development, which will provide further growth visibility and will be a key re-rating trigger. We reiterate BUY with an unchanged SoTP-based price target of INR1,100."

Performance of stock

The stock price of Oberoi Realty ended at Rs 859.40 per share, it was 1.42% up on intraday basis. The current market price is closer to 50-day moving average value of 860.48. The stock price 52-week high is at Rs 1,088.40 per share and the 52-week low is at Rs 726.25 per share. In last one year the stock price declined by 8.63%.

Disclaimer

The stock has been picked from the brokerage report of Motilal Oswal, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.