Q1FY22 Result Preview - Real Estate & Infrastructure - ICICI Direct

We expect strong YoY revenue growth for construction companies driven by a depressed base, albeit a decline on a QoQ basis on account of the second wave. For real estate companies, sales volumes are expected to come off sequentially, though much better than washout base of Q1FY21. We anticipate residential sales momentum to take a breather in Q1FY22E owing to second wave. On a medium term, triggers such as pent up demand, benign interest rates, launches will continue to boost momentum, going ahead. We bake in ~62%, ~80% QoQ decline in sales volumes of Brigade, Oberoi Realty, respectively. On the leasing front, new leasing activity is likely to remain on the back burner with continued work from home scenario. The hospitality and retail segment is likely to show weakness as lockdowns will impact occupancies ad footfalls, respectively.

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Source : Equity Bulls

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