Oberoi Realty net jumps 50% to Rs 102 crore

Mumbai: City-based developer Oberoi Realty on Friday reported 50.3 per cent uptick in consolidated net profit at Rs 101.82 crore in the three months period to March.

However, for the full year, the company which is into premium projects saw its net income plunge to Rs 378.6 crore from Rs 435.56 crore a year ago.

During the reporting quarter its consolidated revenue rose to Rs 302.03 crore from Rs 242.15 crore, while for the full year it plunged to Rs 1,161.04 crore from Rs 1,458.92 crore a year ago.

At March-end its order book stood at Rs 5,037.45 crore, against Rs 4,247.69 crore a year ago.

Chairman Vikas Oberoi said the last year has been very dynamic, with a lot of significant policy changes for the real estate sector as well as the economy. Key initiatives like passing of Real Estate Regulatory Act, clarity in REIT legislation and the GST rollout will eventually boost market sentiment and buoy the economy, he said.

"During the year, Oberoi Realty has seen a steady growth in volume and we are now beginning to see an increase in demand across segments. This year, we intend to expand our retail portfolio and continue our emphasis on execution and delivery," he said.