Oberoi Realty Q3 profit rises 72 pc to Rs 618.38 cr

Oberoi Realty Ltd has posted a 72 per cent growth in its consolidated net profit to Rs 618.38 crore in the quarter ended December on higher income.

Its net profit stood at Rs 360.15 crore in the year-ago period.

Total income rose to Rs 1,460.27 crore in the third quarter of this fiscal from Rs 1,082.85 crore in the corresponding period of the preceding year, according to a regulatory filing.

During April-Decrmber period of this fiscal, the company's net profit increased to Rs 1,793.34 crore from Rs 1,138.58 crore in the year-ago period.

Total income rose to Rs 4,260.84 crore in the first nine months of this fiscal from Rs 3,260.21 crore in the corresponding period of the preceding year.

Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, said, "Indian economy has continued to grow across sectors, with the luxury real estate market being one of the key beneficiaries."

The demand for premium and bespoke residences continues to be robust, he said.

"With a strong portfolio of upcoming projects, and strategic land acquisitions, we stand well-positioned to meet the rising demand and foster long-term profitable growth," said Vikas Oberoi.

Oberoi Realty is one of the leading real estate developers in the country.