Oberoi Realty Q4 net profit down 47% at Rs 77 crore

Oberoi Realty today reported 47% fall in consolidated net profit at Rs 77.03 crore for the fourth quarter ended March on lower sales.

Mumbai-based company had posted a net profit of Rs 145.17 crore in the year-ago period.

Total income fell by 30% to Rs 228.49 crore in the fourth quarter of last fiscal from Rs 325.99 crore in the corresponding period of previous year, Oberoi Realty said in a filing to the BSE.

During 2013-14 fiscal, Oberoi Realty posted a net profit of Rs 311.06 crore as compared with Rs 504.79 crore in the previous year.

Total income decreased to Rs 855.51 crore during last fiscal from Rs 1,147.52 crore in 2012-13 fiscal.

In a separate filing, Oberoi Realty informed that Saumil Daru, the Chief Financial Officer, has been appointed as additional director of the company with effect from May 10 with the designation 'Director-Finance'.

Saumil Daru will continue to act as CFO for the purposes of Listing Agreement and the Companies Act, 2013.

The Board of Directors, at its meeting held on May 10, also recommended a dividend of Rs 2 per equity share i.E. 20% of the face value of equity share for the financial year ended March 31, 2014.

"Our financial prudence has enabled us to use economic cycles to our advantage.

"Three key developments in the last few months - clearance by the Supreme Court of the land in Mulund, the appointment of The Ritz-Carlton as the hospitality partner for the Worli development and the acquisition of the land in Borivali - has placed us in a unique position to capitalise on the changing market sentiments due to expected political stability in the center," company's CMD Vikas Oberoi said.

Oberoi Realty has recently bought 25 acres land belonging to Tata Steel in Borivali (East), Mumbai for Rs 1,155 crore.