Oberoi Realty Q2 net profit drops 48% to Rs 64 crore

NEW DELHI: Oberoi Realty Ltd reported 48 per cent dip in consolidated net profit at Rs 64.14 crore for the July-September quarter of 2013-14 fiscal on lower sales.

Mumbai-based developer had posted a net profit of Rs 124.36 crore in the year-ago period.

Oberoi Realty recorded revenue of Rs 201.67 crore during the second quarter of 2013-14, as against Rs 282.70 crore in the Q2 of last fiscal, 2012-13, it said in a release.

"Of late, Mumbai market has experienced some sluggishness in volumes for under construction projects though there continues to be demand for ready projects," Oberoi Realty Chairman & Managing Director Vikas Oberoi said.

"With the buoyancy in the stock markets being one of the key drivers of buyer sentiment, we expect the momentum to catch on gradually for the real estate sector and further strengthen our sales," he added.