Oberoi Realty drops after announcing weak Q4 results

Oberoi Realty dropped 4.47% to Rs 266.85 at 9:55 IST on BSE after the company's consolidated net profit fell 37.34% to Rs 64.55 crore on 32.06% fall in total income to Rs 237.35 crore in Q4 March 2016 over Q4 March 2015.

The result was announced after market hours on Friday, 29 April 2016.

Meanwhile, the S&P BSE Sensex was down 216.35 points or 0.87% at 25,383.97.

On BSE, so far 12,397 shares were traded in the counter as against average daily volume of 18,974 shares in the past two weeks. The stock hit a high of Rs 271.80 and a low of Rs 261.50 so far during the day. The stock had hit a 52-week low of Rs 209.05 on 2 September 2015. The stock had hit a 52-week high of Rs 329 on 11 May 2015. The stock had outperformed the market over the past one month till 29 April 2016, gaining 21.91% compared with Sensex's 2.84% gains. The scrip had also outperformed the market in past one quarter, rising 15.1% as against Sensex's 2.96% gains.

The mid-cap company has equity capital of Rs 339.30 crore. Face value per share is Rs 10.

Oberoi Realty said that total area booked dropped 81.74% to 1.42 lakh square feet in Q4 March 2016 over Q4 March 2015. The total value of area booked slumped 78.51% to Rs 264.56 crore in Q4 March 2016 over Q4 March 2015.

Meanwhile, Oberoi Realty's board of directors at its meeting held on 29 April 2016, has approved issue of non-convertible debentures upto an aggregate amount of Rs 1500 crore by way of private placement, in one or more offerings or tranches. The company's board of directors also approved issue of equity shares and/or any other securities convertible into equity by way of one or more public offers or private placement, or both, for an aggregate amount not exceeding Rs 750 crore, including premium.

Oberoi Realty is India's leading real estate development company, headquartered in Mumbai, focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals.

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