15 July 2020 Oberoi Realtys (OBER) portfolio is heavily concentrated in the Mumbai Metropolitan Region (MMR) one of the worst affected regions in India due to the COVID-19 pandemic. Thus, we have lowered our estimates for residential, retail and hospitality segments for FY21; however, we have broadly maintained estimates for the commercial office space. Despite the current challenges, OBERs balance sheet strength gives us comfort. Maintain Buy with a revised TP of INR444. Revenue was down 80.4% YoY to INR1,180m (v/s est. EBITDA declined 75.4% YoY to INR579m (v/s est. However, EBITDA margins expanded 1,010bp to 49.1% (v/s est.