On a consolidated basis, Oberoi Realty registered a 0.24% decline in net profit to Rs 137.74 crore on 35.7% drop in net sales to Rs 316 crore in Q2 September 2020 over Q2 September 2019.Consolidated profit before tax (PBT) stood at Rs 168.81 crore in Q2 September 2020, falling 12% from Rs 192 crore in Q2 September 2019. Current tax expense fell 36.6% to Rs 33.73 crore in Q2 September 2020 over Q2 September 2019. The result was announced on Saturday, 17 October 2020.
Commenting on the Q2FY21 results, Vikas Oberoi, chairman & MD of Oberoi Realty said, "The COVID-19 pandemic has made home buyers realize the importance of owning a home that takes care of all the needs and safety of every family member. The customers have clearly indicated their preference to deal with developers with a strong brand equity, financial stability and a proven track record of construction quality and delivery. These changes in customer preferences and consolidation in the real estate sector have led to a major transformation. In addition, the measures announced by the Central and State Governments and the RBI have also contributed to creating a positive sentiment. Government of Maharashtra's initiative of reducing stamp duty has ensured that demand is restored to pre-Covid levels. At Oberoi Realty, we are seeing a consolidation of demand in our favour from customers who seek quality projects and value the financial stability of the developer when buying their dream home, especially in these times. We are committed to continuously reinvent ourselves in design, technology and customer experience as we continue to keep the customer at the centre of all that we do."
Shares of Oberoi Realty were up 1.66% to Rs 395.60 on BSE. The counter has gained 2.18% in two trading days.
Oberoi Realty is India's leading real estate development company, headquartered in Mumbai. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.
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