Oberoi Realty October-December consolidated net profit drops 49%

MUMBAI: Realty developer Oberoi Realty reported over 49% year-on-year decline in consolidated net profit at Rs 68.06 crore for the quarter ended December. Total income for the quarter slipped over 40% from a year ago to Rs 170.53 crore, the company said in a release.

The developer’s consolidated revenue from real estate slipped 46% from a year ago to Rs 140.66 crore, while hospitality business revenue rose 11% to Rs 29.87 crore.

"Domestic and global economic headwinds continue to be challenging. While business sentiments are likely to improve only after the results of the general elections, there will now also be opportunities for companies that have shown financial prudence and discipline,” said Vikas Oberoi, Chairman & Managing Director, Oberoi Realty.

“The recent Supreme Court order clearing the way for the development of our Mulund property is a great positive for Oberoi Realty,” he added while commenting about the Supreme Court ruling on n Thursday that allowed builders to develop several land parcels in the city's suburbs that were listed as forest land and were barred from 'encroachment'.

Oberoi Realty holds over 18 acre plot in Mulund suburb of Mumbai and the company can now go ahead with its development plan on this parcel following the court ruling on private forest land.

On Friday, shares of Oberoi Realty closed at Rs 204.35 on the Bombay Stock Exchange, up 2% over Thursday’s close.