Oberoi Realty shares jump 7% to record high on strong Q4 results
Oberoi Realty jumped 7 percent to their record high of ₹1,629.15 apiece in intra-day deals on Wednesday, May 15, after the real estate developer posted robust earnings for the quarter ended March 2024 (Q4FY24). The Mumbai-based developer posted a 64 percent year-on-year (YoY) increase in its net profit to ₹788 crore as against ₹480.3 crore in the same quarter last fiscal. Meanwhile, its total income for the quarter under review surged 56 percent YoY to ₹1,558 crore.
On the operating front, Oberoi Realty's EBIDTA soared by 2.1X YoY to ₹788.6 crore in Q4FY24 compared to ₹368.7 crore. For the full financial year 2023-24, the realty firm reported a marginal rise in net profit to ₹1,925 crore compared to ₹1,904 crore in the previous fiscal year. Meanwhile, total income for FY24 rose 12 percent YoY to ₹4,818 crore from ₹4,293 crore in FY23.
“The residential sector continues to witness significant sales traction driven by end-user demand and a rising desire for homeownership. In the last quarter, we launched Elysian Tower-C at our flagship integrated development Oberoi Garden City and we also delivered over 1,100 homes to residents at Sky City in Borivali. We recorded the highest ever quarterly and annual profits driven by robust sales momentum and healthy operational performance," said Vikas Oberoi, CMD, Oberoi Realty.
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