Oberoi Realty Q2 net profit up 10% at Rs 70.54 cr

Company had posted net profit of Rs 64.14 crore in the July- September period of 2013-14

Oberoi Realty Ltd today reported 10 per cent increase in consolidated net profit at Rs 70.54 crore for the second quarter ended September, 2014-15, on lower expenses.

It had posted net profit of Rs 64.14 crore in the July- September period of 2013-14.

Net sales in Q2, 2014-15 declined to Rs 183.86 crore as against Rs 185.50 crore in the year-ago period, Oberoi Realty said in a filing to the BSE.

Its total income in Q2 fell to Rs 189.37 crore, as against Rs 201.67 crore a year ago.

Despite lower income, the net profit has increased as the company's operational expenses fell to Rs 83.60 crore during the second quarter of this fiscal from Rs 109.68 crore in the same quarter last fiscal.

Oberoi Realty Chairman & Managing Director Vikas Oberoi said the consumer sentiments have revived on the back of slew of measures taken by the new government.

"Within this financial year, we at Oberoi Realty are gearing up to launch 2 large scale projects in Mumbai - Mulund & Borivali. We believe that our focus on creating great quality products will be reflected by the continued customer confidence in our company," he added.

Mumbai-based Oberoi Realty focuses on developments in the residential, office space, retail and hospitality.