Oberoi Realty recorded 63.1% rise in consolidated net profit to Rs 467.53 crore as net sales remained flat at Rs 832.01 crore in Q3 FY22 over Q3 FY21.
Total expenses increased by 11.3% YoY to Rs 530.31 crore during the quarter due to a sharp rise in operating costs (up 3x YoY). The overall increase in expenses was contained to some degree by lower other expenses (down 60.3% YoY).
The company recorded a net profit of Rs 235.34 crore from joint ventures in the third quarter. It had recorded a loss of Rs 0.15 crore from the same in the same period last year.
Vikas Oberoi, chairman & managing director, Oberoi Realty, said, “The real estate sector has witnessed a very strong sales momentum in the last few quarters. This is primarily due to supply-side consolidation and a shift in consumer preference towards established players. Historically low-interest rates are also supporting a spur in the volumes. In the commercial segment, we see that the leasing activity is gradually picking up and with the pandemic easing out, the retail business is also set to make a comeback.”
Oberoi Realty is India's leading real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals. The scrip advanced 0.95% to end at Rs 894.45 on the BSE yesterday.
