Oberoi Realty Q3 profit up 42% at Rs 120 cr

Oberoi Realty Ltd today reported 42 per cent increase in its consolidated net profit at Rs 120.19 crore for the quarter ending December.
Its net profit stood at Rs 84.72 crore in the year-ago period, the Mumbai-based developer said in a statement.
The consolidated revenue also went up to Rs 360.36 crore for the third quarter of this fiscal from Rs 264.65 crore in the corresponding period of the previous year.
During April-December period of 2017-18 fiscal, revenues rose to Rs 939.17 crore as against Rs 859.02 crore in the corresponding nine-month of the previous fiscal.
Net profit increased to Rs 315.88 crore in the first nine months of this fiscal from Rs 276.78 crore in the year ago period.

Commenting on the results, company's CMD Vikas Oberoi said, "2017 was the year of formalisation of the Indian economy with key reforms such as demonetisation, GST and RERA being implemented."
"We are optimistic that these initiatives and the upcoming budget will boost the economy and further improve customer confidence and market sentiment," he said.
With Maharashtra being at the forefront of implementation of RERA coupled with a strong focus on Mumbai's infrastructure, Oberoi said the company is confident that the city will witness an increase in demand.