Shares of Oberoi Realty fell 6% to Rs 912.15 on the BSE in Wednesday’s intraday trade on profit-booking after the company reported a 27.2% year-on-year decline in its sales to Rs 673 crore in the January-March quarter (Q4FY23).

This is due to the lack of new product launches. However, bookings rose 7% quarter-on-quarter, driven by contributions from 360 West, which recorded Rs 230 crore for three units.

Shares of the property developer touched an eight-month high of Rs 1,002.20 on Tuesday. The stock has risen 10% over the past month, compared with a 3% gain for the S&P BSE Sensex.

For Q4FY23, revenue rose 17% YoY to Rs 960 crore. Elysian and 360 West contributed approximately 50% of revenue recognition. However, EBITDA rose only 5% YoY to Rs 370 crore as margins fell to 38% from 43% in Q4FY22.

Despite global headwinds, domestic favourable factors have given a big boost to the residential sector. Housing demand continues to grow, driven by end-users desire to continue owning a home. According to management, industry consolidation has resulted in increased market share for organised players.

The retail sector is experiencing phenomenal foot traffic and strong growth in spending. Management expects continued attention to Grade A office space as occupiers and employees focus on the quality of the space they occupy. In the coming year, the company said it looks forward to launching new projects and entering new markets, thereby bringing higher value to stakeholders.