Oberoi Realty corrects after Q3 profit up 7% at Rs 148 cr

The realty firm's consolidated net profit rose 7.5% to Rs 148.24 crore in Q3 December 2019 (Q3 FY20) as against Rs 137.93 crore reported in Q3 December 2018 (Q3 FY19).

Net sales fell 0.2% year-on-year (Y-o-Y) to Rs 527.43 crore in Q3 FY20. The Q3 numbers were disclosed after market hours on Friday, 7 February 2020.

Profit before tax gained 7.4% to Rs 209.70 crore Y-o-Y. Current tax expenses jumped 8.9% to Rs 60.51 crore during the period under review.

Commenting on the Q3 performance, Vikas Oberoi, the chairman & managing director of Oberoi Realty, stated "The Union budget and the new RBI policy have paved the path to growth and liquidity. Reputed corporates thrive in challenging times due to their ability to adapt and deliver value to their stakeholders. At Oberoi Realty, we have also seen a marked improvement in buyer interest across all our projects; our diversified businesses also continue to perform well. We are confident that with a strong pipeline of projects and financial prudence we will continue to emerge as the preferred brand for all our stakeholders."

Oberoi Realty is engaged in construction and real estate development, and hospitality. The company's segments include real estate and hospitality. The firm is involved in the development of approximately 40 projects that aggregates over 9.18 million square feet of space. It handles residential, commercial, retail, social infrastructure and hospitality projects.

Shares of Oberoi Realty lost 1.64% to Rs 525 on BSE. The stock traded in the range of Rs 537 to Rs 519.05.

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