Oberoi Realty Q3 net up by 57% at Rs 205 cr

Oberoi Realty today reported 57 per cent increase in its consolidated net profit to Rs 205.23 crore for the quarter ended December 31, 2010 against Rs 130.91 crore in the year-ago period.

The company has posted a net profit of Rs 130.91 crore in the third quarter of the previous fiscal.

The revenue grew by 95 per cent to Rs 420.49 crore during October-December quarter of this fiscal from Rs 215.56 crore in the corresponding quarter of the previous financial year, the Mumbai-based company said in a statement.

"This is our first quarterly result post listing on the bourses. We have witnessed continuing momentum in sales across our on-going residential projects," the company's Chairman & Managing Director Vikas Oberoi said.

The company had raised Rs 1,028 crores through its initial public offer (IPO) and proposes to use this fund to fund construction activity and also to acquire land when the right opportunity comes.