Oberoi Realty Q2 net up 11.6% at Rs 124.36 cr
Mumbai: Realty firm Oberoi Realty on Saturday posted an 11.6 percent increase in net profit for the quarter ended September 30 at Rs 124.36 crore on better sales.
The company had recorded Rs 111.44 crore profit in the corresponding period last fiscal.
The total sales of the company stood at Rs 282.70 crore, up over 10 percent compared to Rs 256.87 crore in the same quarter last year.
"The company has upheld consistent sales momentum and we continue to believe that we can do better. Though there has been an improvement in sentiment among the buyers following various announcements by the central government, the global and domestic headwinds still continue to exist," company's Chairman and Managing Director Vikas Oberoi said.
The recent decision of the government on FDI in retail will help rev up the economy and the benefits of this will be seen in the months to come, he added.
During the quarter, Oberoi Mall contributed Rs 19.44 crore to the revenue while Commerz and Westin Mumbai Garden City contributed Rs 11.43 crore and Rs 20.95 crore, respectively.
The company sold 70,410 sq ft of area in Oberoi Esquire, 27,820 sq ft in Oberoi Exquisite, 20,020 sq ft in Oberoi Splendor Grande and 11,844 sq ft in Oberoi Splendor during the quarter, the statement said.