Oberoi Realty: Oberoi Realty reported a 48% decline in third quarter net profit to Rs 360 crore.

Real estate developer Oberoi Realty reported consolidated net profit of Rs 360.02 crore for the quarter ended December, down 48% year-on-year. Total consolidated profit for the quarter also declined 34 per cent to Rs 1,082.85 crore.
The developer’s new tower at Elysian, Oberoi Garden City project in Goregaon, Mumbai has recorded a gross booking value of Rs 882 crores for a carpet area of ​​over 2.2 million sq ft. The project, which launched Friday, includes three- and four-bedroom apartments with carpeted areas ranging from 1,792 to 3,512 square feet.

“India’s economy continues to exceed global expectations on its way to becoming the world’s third-largest economy. Even amid global headwinds, our strong macro fundamentals have solidified India’s reputation as one of the fastest-growing major economies. Real Estate The segment continues to grow, growing to new heights driven by rising consumer confidence, rising disposable income and robust demand across segments,” said Vikas Oberoi, CMD, Oberoi Realty.

During the quarter, the company expanded into new locations by acquiring 14.8 acres of land in NCR and launched its first residential project, Forestville, in Thane.

“We remain focused on identifying and pursuing future growth avenues through a strategic approach to create long-term value for all stakeholders,” Oberoi added.

In the nine months through December, the company had an operating profit margin of 51% and a net profit margin of 35%. The developer’s net debt ratio was 0.15 as of the end of December.