Oberoi Realty posts weak results for Q3; stock declines

Shares of Oberoi Realty, a Mumbai-based leading real estate firm in the country, slipped over 8 per cent on the BSE and touched the day's low of Rs 1,375.75 apiece on Tuesday, January 23. The stock came under selling pressure after the company posted weak Q3FY24 numbers.

As of 10:11 a.m., Oberoi Realty stock traded 8.5 per cent or Rs 127, lower at Rs 1,376.05. The market capitalisation of the company stood at Rs 50,131.66 crore at around the same time. The stock closed 8.87 per cent lower on BSE at Rs 1370.5 apiece.

On Monday, the Mumbai-based realty company posted a 49 per cent decline in consolidated net profit to Rs 360.15 crore for the December quarter. Its net profit stood at Rs 702.57 crore in the year-ago period.

The company's total income also fell to Rs 1,082.85 crore in the third quarter of the current fiscal year from Rs 1,651.50 crore a year ago, according to its regulatory filing.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 509.4 crore against Rs 940 crore, down 45.8 per cent. The margin also fell to 48.3 per cent against 57.7 per cent year-on-year (YoY) basis.

The board declared an interim dividend of Rs 2 per share. The record date will be discussed in a meeting on February 2.

In a separate filing, Oberoi Realty said it has achieved "gross bookings of Rs 882 crore" during the launch of its new tower in Elysian at Oberoi Garden City, Goregaon, Mumbai.

"During the quarter, we acquired 14.8 acres of land parcel in NCR, which marks our expansion into new geography, and we also launched Forestville, our first residential project in Thane, which generated a healthy demand from customers. We are delighted to announce the much-anticipated launch over the last weekend of a new tower in our luxury residential project Elysian at Oberoi Garden City, Goregaon, which received an overwhelming response," said Vikas Oberoi, Chairman and Managing Director, Oberoi Realty.

Oberoi Realty share price: Past performance

In a year, shares of Oberoi Realty have gained over 67 per cent against the Nifty 50's rise of over 19 per cent.

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