Oberoi Realty reports 48% decline in Q3 net profit at Rs 360 crore
Oberoi Realty has reported 48% year-on-year decline in its consolidated net profit for the quarter ended December at Rs 360.02 crore. Total consolidated income for the quarter also declined 34% to Rs 1,082.85 crore.
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The developer’s new tower in Elysian at its project Oberoi Garden City in Mumbai’s Goregaon has recorded gross booking value of Rs 882 crores for over 2.20 lakh sq ft carpet area. This project launched on Friday has 3 and 4-bedroom apartments ranging with configurations of 1,792 to 3,512 sq ft carpet area.
«Indian economy continues to outpace global expectations as it marches on the path to become the world’s third-largest economy. Amid global headwinds, our strong macro fundamentals have firmly cemented India's repute as one of the fastest growing major economies. The real estate sector continues to scale new heights on the back of increased consumer confidence, rising disposable income and robust demand across segments,” said Vikas Oberoi, CMD, Oberoi Realty.
During the quarter, the company acquired 14.8 acres land parcel in NCR marking its expansion into a new geography and also launched Forestville, its first residential project in Thane.
“With a strategic approach towards creating long-term value for all our stakeholders, we remain focused on identifying and pursuing future avenues for growth,” Oberoi added.
For the nine months ending December, the company’s operating margin stood at 51% and net profit margin at 35%. The developer’s net debt-equity ratio stood at 0.15 as on December end.
