Shares of Oberoi Realty gained more than two percent in the morning trade on Thursday after the Mumbai-based real estate developer posted strong growth in its profitability for the quarter ended December 2022. The profit after tax of the company rose by over twofold quarter-on-quarter to Rs 701.77 crore in the period under review, up from Rs 318.53 crore in the September quarter.
The real-estate developer reported a 50 percent year-on-year increase in Profit After Tax or PAT against Rs 467.53 crore in the year-ago period. The consolidated revenues of the company also soared more than two-fold to Rs 1,651.50 crore for quarter against Rs 711.79 crore in the preceeding quarter. Revenue was Rs 846.19 crore in the year-ago period.
Oberoi Realty said that the residential market continues to grow as incremental income and financial stability drive the demand for larger homes. Its newly-launched Tower G in the Sky City project witnessed robust sales upon launch, the company said.
The realty firm has also acquired around 8.5 acres of land in Thane from Blue Star Ltd. This would give the company an additional saleable area of approx. 22.5 lakh sqft in the existing Pokhran project.
Oberoi Realty also concluded the acquisition of 63 residential premises in the project ‘Three Sixty West’ for a total consideration of Rs 3,607 crore.
Shares of Oberoi Realty are trading up by 2.24 percent at Rs 857.00 on BSE at 10.00 AM on Thursday.
