Oberoi Realty reports 43% profit increase in Q2 to Rs 457 crore

Oberoi Realty Ltd has announced a significant 43 per cent surge in consolidated net profit, reaching Rs 456.76 crore for the September quarter of 2023-24, driven by higher revenue.

In the corresponding period of the previous year, the company had achieved a net profit of Rs 318.62 crore. The total income for July-September 2023-24 escalated to Rs 1,243.80 crore from Rs 711.79 crore in the previous year for the same period, as reported in a regulatory filing on Friday.

Oberoi Realty, headquartered in Mumbai and primarily focused on the luxury residential segment, posted a net profit of Rs 778.42 crore during the first six months of this fiscal (April-September) compared to Rs 721.70 crore in the same period of the previous year.

The total revenue for the first half of this fiscal reached Rs 2,177.36 crore, an increase from Rs 1,646.60 crore in the corresponding period of the previous year.

Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, expressed confidence in the real estate market's continued upward trajectory, citing strong demand for reputable brands, spacious apartments, and the desire for homeownership.

He also mentioned the anticipation of increased retail demand driven by the festive season and growing consumer confidence. Furthermore, Oberoi revealed the company's plans to enter the Thane market and launch its initial residential project. Earlier this month, Oberoi Realty reported a 17 per cent decline in sales bookings, which amounted to Rs 965 crore for the second quarter of this fiscal, in contrast to Rs 1,156 crore in the same period of the previous year.

(With PTI Inputs)