On October 27, 2023: Oberoi Realty Ltd. BSE, (NSE: Oberoi Realty Ltd) announced its Q2 2023-24 financial results, delivering good news for the real estate giant with substantial revenue growth and profits, making the company’s prospects appear positive for the upcoming quarters.
Key Highlights
The company has announced its half-yearly and quarterly results for FY23-24. Here are the prominent highlights of the Q2 results (consolidated) of Oberoi Realty Ltd.:
- The Q2 Revenue stands at ₹1,243.80 Cr.
- EBITDA for Q2 is at ₹664.60 Cr.
- The Profit Before Tax is at ₹598.89 Cr.
- The Profit After Tax stands at ₹456.06 Cr.
According to the consolidated financial results of the company, the figures above indicate a clear rise in all metrics on a QoQ basis when comparing the Q2 of the present fiscal year to the Q2 of the previous fiscal year.
Additional Read: Q2 Results Dashboard
Management Commentary
The MD and Chairman of Oberoi Realty Ltd., Vikas Oberoi, gave his views on the result and indicated the following:
- This fiscal year, India has managed to sustain its momentum of growth, especially that of economic growth. As a result, India is one of the most rapidly growing economies on a global scale.
- In spite of negative geo-political events and an international demand that is somewhat slow, India’s outlook, on a macroeconomic level, is nothing short of optimistic. This is boosted by robust fundamentals.
- The company sticks to its firm belief that the real estate market will likely continue its forward trajectory as there is rising demand for spacious residences, a keen desire for residence ownership, and the requirement for established and reliable brands.
- The company is now one of the largest real estate players in the sector and is excited about its inroads into the area of Thane and the prospects it will likely bring for the company. As it enters this sphere of “New Urbanism”, a concept that offers artfully designed residences and an upgrade in living, the company believes that it will be accepted widely.
- The company expects growth in the coming months, especially with the festive season around the corner, and a surge in consumer confidence.
Also Read: Oberoi Realty Share Price
About Oberoi Realty Ltd.
Oberoi Realty is a Mumbai-centric real estate company, formed as Kingston Properties Private Limited in 1998. On 2 November 1993, Oberoi Constructions Private Ltd. (OCPL) was established within the regulations of the Companies Act in Mumbai. OCPL is engaged in the operations of real estate establishment and development and is a full and complete subsidiary of Oberoi Realty Ltd. The present name Oberoi Realty was created in 2009, to make clear the specific nature of the business and its operations. After this, the company changed into a “Public Limited” enterprise with the name being changed to Oberoi Realty.
The flagship project of the real estate developer, Oberoi Garden City, was constructed in Goregaon East, Mumbai, on an 80-acre plot. By the year 2005, Oberoi Realty extended its development to Andheri (West & East) and Mulund. Apart from developing real estate, the company has also concluded a hospitality project, The Westin Mumbai – Garden City. While the structure belongs to the company, the hotel operations are managed by Marriott International under the helm of the brand of Westin Hotels & Resorts. The hotel commenced its operations in 2010.
For more than 40 years, Oberoi Realty has been a symbol of loyalty, transparency, and trust, not to mention cutting-edge technology and diversified services in the sector of Real Estate, mainly in the city of Mumbai. The company is rooted in values and the management attributes the growth of the company, with many new projects on the horizon, to their disciplined value system.
Source:
https://www.oberoirealty.com/financial-results
