Oberoi Realty April-June net profit down 16 per cent on year

MUMBAI: Realty developer Oberoi Realty has reported 16% on-year decline in consolidated net profit at Rs 91.37 crore. Total consolidated revenue for the quarter also recorded an 18% on-year drop at Rs 270.32 crore, the company said in its earnings release.

“…With the onset of RERA and GST, we are already witnessing an increase in customer confidence and an improved market sentiment. Our under-construction projects are proceeding as planned. Keeping in mind the positive market sentiment, consistent growth in the economy and an optimistic stock market, we expect this trend to stay,” said Vikas Oberoi, CMD, Oberoi Realty.

The company’s revenue from hospitality business rose to Rs 30.05 crore as against Rs 28.81 crore a year ago. Revenue from real estate business, however, declined to Rs 230.69 crore from Rs 291.20 crore a year ago.