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Oberoi Realty Q3 net up 16% at Rs 79 cr

By Religare

Oberoi Realty Ltd on Friday reported that its consolidated net profit for the third quarter ended December 31, 2014 climbed by 16 per cent at Rs 79.2 crore from the same period a year ago led by higher income.

In Q3 FY 2013-14, the realty firm had posted a consolidated net profit of Rs 68.06 crore, Oberoi Realty Ltd said in a filing to the Bombay Stock Exchange (BSE).

Net income from operations on a consolidated basis rose by 27 per cent at Rs 217 crore in Q3 FY 2014-15 from Rs 170.53 crore in the same period a year ago.


Total expenses on a consolidated basis climbed by 15 per cent at Rs 100 crore in Q3 FY 2014-15 from Rs 88 crore in the same period a year ago.

A pickup in Asia's third biggest economy amid the recent reforms measures by the Modi government, coupled with an interest rate cut by the RBI augers well for the realty firm amidst hopes of a revival in the construction sector.

"Our Prime Minister Mr Modi's endeavour to put India's economy back on track is now yielding results. The increase in sales volume during this quarter also clearly establishes that the economy is back on the growth path. The recent announcement by the RBI to decrease the interest rates will give a further impetus to the Real Estate Sector. We hope to announce the launch of our Borivali project between March and June. On the back of these developments, we will continue to channelize our efforts to bring greater value to our shareholders", the company said.

Story first published: Monday, January 19, 2015, 9:20 [IST]
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