Oberoi Realty tumbles on muted growth in Q1 bottom line

The Q1 result was announced after market hours on Monday, 15 July 2013.

Meanwhile, the S&P BSE Sensex was down 228.79 points or 1.14% at 19,805.69.

On BSE, 2,323 shares were traded in the counter as against average daily volume of 7,645 shares over the past one quarter.

The stock lost as much as 7.19% at the day's low of Rs 202 so far during the day. The stock hit a high of Rs 213.35 so far during the day. The stock had hit a record high of Rs 327.70 on 21 January 2013. The stock had hit a record low of Rs 191.25 on 26 June 2013.

The stock had underperformed the market over the past one month till 15 July 2013, rising 1.3% compared with the Sensex's 4.47% gain. The scrip had also underperformed the market in past one quarter, falling 10.58% as against Sensex's 9.13% rally.

The real estate developer has equity capital of Rs 328.23 crore. Face value per share is Rs 10.

Oberoi Realty's consolidated profit before tax (PBT) rose 7.23% to Rs 147.57 crore in Q1 June 2013 over Q1 June 2012.

Commenting on the first quarter results, Mr. Vivek Oberoi, CMD, Oberoi Realty said, "We continue to maintain traction on the sale of the residential properties and the rental incomes from our investment properties continue to give us stability. While the global and domestic headwinds have intensified, our order books remain healthy reflecting the confidence of our customers. We believe that reputed developers with sound financial standing will continue to attract healthy demand for their projects. We also welcome the Real Estate Regulatory Bill as it is expected to bring in transparency and accountability in the sector. We will continue to focus on being financially prudent while continuously exploring opportunities to acquire land".

Oberoi Realty is a real estate developer headquartered in Mumbai. The company is focused on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals.

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