Oberoi Realty net up 12% at Rs 83.72 crore in Q2
Oberoi Realty has reported 12 percent increase in consolidated net profit at Rs 83.72 crore for the quarter ended September on higher sales.
New Delhi: Oberoi Realty has reported 12 percent increase in consolidated net profit at Rs 83.72 crore for the quarter ended September on higher sales.
Its net profit stood at Rs 74.45 crore in the year-ago period, according to a regulatory filing.
Income from operations increased to Rs 252.02 crore during July-September period of this fiscal from Rs 190.77 crore in the corresponding period of the previous year.
Total income increased to Rs 264.67 crore from Rs 203.69 crore in the year-ago period.
During the first six months of this fiscal, the Oberoi Realty has recorded a consolidated revenue of Rs 594.93 crore against Rs 423.03 crore in the corresponding period of last fiscal.
Net profit rose to Rs 192.59 crore in the first half of this fiscal as against Rs 156.38 crore in the year-ago period.
The aggregate area booked in the second quarter of 2016-17 fiscal was 1.77 lakh sq ft as against 0.63 lakh sq ft booked in the year-ago period.
"The real estate sector has been influenced by some significant policy changes, recent being the monetary policy announced by RBI, which will bring the cost of money down and encourage sales," Oberoi Realty CMD Vikas Oberoi said.
Additionally, the various initiatives announced by the government have improved market sentiment thus accelerating sales volumes, he added.
Maharashtra government's sustained focus on infrastructure in Mumbai is helping bridge the infrastructure divide, acting as an added incentive for the sector here, Oberoi said.
The company has a total of 39 completed projects across Mumbai.