Oberoi Realty Q1 net declines 36.8% to Rs 64.33 cr

Oberoi Realty today said its net profit declined 36.8 per cent to Rs 64.33 crore for the quarter ended June 30, 2014.
This is against a net profit of Rs 101.81 crore in the same quarter last fiscal, Oberoi Realty said in a statement.
The company's consolidated revenue dipped 19.6 per cent to Rs 175.38 crore in the said quarter from Rs 218.39 crore in the year-ago period.
Real estate segment contributed Rs 148.21 crore, while hospitality accounted for Rs 27.17 crore of the total revenue in the quarter.
On sequential basis, net profit dipped 16.4 per cent (from Rs 77.03 crore in Q4 FY'14), while revenue fell 20.4 per cent from Rs 220.57 crore in January-March 2014.

"With the uncertainty of the elections being over, we are seeing a distinct change in sentiments. The new government appears determined to tackle the macroeconomic issues and has begun in right earnest with a focus on infrastructure," Oberoi Realty Chairman and Managing Director Vikas Oberoi said.

The recent policy changes on FDI in real estate and the budget provisions for REITs also indicate a forward thinking approach on the sector, he added.
"The increase in volumes indicates that the customer is again confident of the 'India story'. Our pipeline of projects coupled with the positive market conditions, creates an ideal environment for the company to deliver on its potential," he said.

The aggregate area booked during the quarter was 67,730 sq ft as against 47,675 sq ft booked in Q4 FY14, a growth of about 42 per cent.
The order book stood at Rs 1,535 crore in the quarter under review as against Rs 1,509 crore at the end of Q4 FY'14.