On Tuesday’s early trade, the shares of India’s largest real estate developer declined to an intraday low of 9 percent or ₹1,371.20 apiece after the company reported weak quarterly results.
At 12:25 p.m., Oberoi Realty Ltd shares were quoted at ₹1,377.60 apiece, down 8.40 percent from the previous close price on the exchange. The company has a market capitalization of ₹49,997 crores.
Oberoi Realty reported a fall of net profit of 49 percent year on year from ₹701 crore in Q3FY23 to ₹ 360 crore in Q3FY24, Similarly, during the same time frame, revenue has fell by 34 percent from ₹1,651 crore to ₹1,082 crore.
In comparison to the previous quarter, operational revenue has decreased by 13 percent from ₹1,243 crore in Q2FY24 to ₹ 1,082 crore in Q3FY24, Further net profit declined by 21 percent from ₹456 crore to ₹360 crore. The company reported in its exchange filing.
On 19th January 2024, Oberoi Realty Ltd launched a new tower in Elysian at Oberoi Garden City, Goregaon, and recorded a gross booking value of ₹882 crores for 2.20 Lakh sq. ft. (carpet area).
During the third quarter of 2023-24,the company board of directors declared an interim dividend of ₹2 per equity share.
Oberoi Realty shares have gained 28 percent in the last six months and 65 percent in a year.
Oberoi Realty Ltd. is India’s leading real estate development company, headquartered in Mumbai. It is engaged in the development of residential, office space, retail, hospitality, and social infrastructure verticals.
According to the recent shareholding pattern, the company promoters hold 67.71 percent of the company, Domestic institutional investors hold 12.05 percent and retail investors hold a 2.84 percent stake.
In the first half of FY24, the company received 82% revenue from reality projects followed by 4% from the hospitality sector and 13% from rental revenue.
As of Q1FY24, the company sold 68% of total area launched for sales of which 98% of the area is registered. The company had a collection efficiency of 78%.
Written by Omkar Chitnis
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