Oberoi Realty shares jump over 6% after robust Q1 results
Shares of Oberoi Realty jumped 6.5% to Rs 1780 in Monday's trade on BSE after the firm reported an 82% increase in its consolidated net profit to Rs 584.51 crore for the first quarter of the current fiscal on higher income. Its net profit stood at Rs 321.64 crore in the year-ago period.
The company's revenue from operations increased 54.4% to Rs 1,405.2 crore against Rs 910 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 72% to Rs 815.1 crore in the first quarter of this fiscal over Rs 473.7 crore in the corresponding period in the previous fiscal.
Vikas Oberoi, Chairman and Managing Director of Oberoi Realty, said, «India continues to be the fastest growing major economy, effectively managing global challenges by leveraging its solid economic foundations and proactive policymaking for growth».
The Indian real estate market has witnessed strong demand across various segments, solidifying its position as the preferred investment avenue, he added.
«We are pleased to announce another successful quarter, driven by healthy demand in the luxury real estate market with homeowners constantly looking to elevate their lifestyles. Oberoi Realty is gearing up for new project and tower launches, scaling up its annuity assets and strategic land acquisitions. We are committed to achieving sustainable growth with a focus on creating lasting value for all our stakeholders,» Oberoi said.
The board of directors of the company has declared an interim dividend for FY24-25 at the
