Oberoi Realty Q2 Results: Profit up 43% to Rs 457 crore, total income rose to Rs 1,244 crore

Oberoi Realty Ltd has reported 43 per cent increase in consolidated net profit at Rs 456.76 crore for September quarter 2023-24 on higher revenue.
Its net profit stood at Rs 318.62 crore in the year-ago period.

Total income rose to Rs 1,243.80 crore during July-September 2023-24 from Rs 711.79 crore in the corresponding period of the previous year, the company said in a regulatory filing on Friday.

Mumbai-based Oberoi Realty, which mainly focuses on luxury residential segment, logged a net profit of Rs 778.42 crore during April-September this fiscal as against Rs 721.70 crore in the year-ago period.

Total revenue increased to Rs 2,177.36 crore in the first six months of this fiscal from Rs 1,646.60 crore in the corresponding period of the previous year.

Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, said, "We believe the real estate market will continue its upward trajectory through consistently surging demand for established brands, spacious apartments and a desire for home ownership." "We expect a strong demand in retail, driven by the festive season and increased consumer confidence," he said.

Oberoi said the company will soon make foray into Thane and will launch its first residential project.

Earlier this month, Oberoi Realty reported 17 per cent decline in sale bookings to Rs 965 crore for the second quarter of this fiscal. Its sales booking stood at Rs 1,156 crore in the year-ago period.