Leading real estate developer Oberoi Realty Ltd has reported a growth of 12.5 per cent in its consolidated net profit after taxes (PAT) at 83.72 crore for the second quarter ended September 30, 2016, helped by robust sales. “The consolidated net profit of the company stood at Rs 74.45 crore during the same period a year ago,” said Oberoi Realty Ltd in a filing to the Bombay Stock Exchange.
Further, consolidated total income of the company too grew by 29.9 per cent to Rs 264.67 crore during Q2 2016-17, as compared to Rs 203.69 crore during the same period last year. During the quarter under review, its net sales rose by 32.6 per cent to Rs 250.89 crore, against Rs 189.19 crore during the same period previous fiscal. Commenting on the performance, Oberoi Realty Ltd, CMD, Vikas Oberoi said, “The real estate sector has been influenced by some significant policy changes, recent being the monetary policy announced by RBI, which will bring the cost of money down and encourage sales.
Additionally, the various initiatives announced by the government have improved market sentiments thus accelerating sales volumes. The Maharashtra government’s sustained focus on infrastructure in Mumbai is helping bridge the infrastructure divide, acting as an added incentive for the sector here.”
The company’s aggregate area booked for Q2 FY17 was 1.77 lakh sq ft as against 0.63 lakh sq ft booked in Q2 FY16, the Mumbai-based developer said in a statement. Further, its order book stands at Rs 4,043 crore as against Rs 2,723 crore at the end of H1 FY16. Meanwhile, shares of the company ended Friday’s trade at Rs 331.90 apiece, down 0.39 per cent, from previous close on BSE.