Oberoi Realty surges 8% on upbeat Q1 numbers

Shares of Oberoi Realty soared 8 per cent in trade on Monday after the company reported a 33.1 per cent YoY jump in June quarter net profit to Rs 109 crore. The company had reported a net profit of Rs 81.9 crore for the corresponding quarter last year.

Following the earnings, the stock rallied 8.22 per cent to hit a high of Rs 322.40 on BSE.

The company's CMD, Vikas Oberoi, said changes in policies and process, besides the government's ease-of-doing-business initiative and focus on fast-tracking of the approval process infused fresh optimism in the market.

The company said its aggregate area booked during April-June quarter stood at 1.47 lakh square feet against 0.81 lakh square feet booked in the same period of the previous year.

The order book stood at Rs 3,993 crore at the end of the quarter against Rs 2,705 crore at the end of first quarter of last financial year.