31 Jan , 2022 By : monika singh
NEW DELHI – Shares of Oberoi Realty added 3.7 per cent in early trade Monday as the Mumbai-based real estate player reported a 63 per cent increase in its consolidated net profit at Rs 467.53 crore for the quarter ended December. Its net profit stood at Rs 286.65 crore in the year-ago period.
The counter rose to a high of Rs 926.95 against Rs 893.70 at the previous close on the National Stock Exchange.
Total income rose to Rs 846.19 crore during the October-December period of this fiscal year from Rs 837.57 crore in the corresponding period of the previous year, according to a regulatory filing.
Net profit rose to Rs 814.74 crore in the April-December period of this fiscal year from Rs 452.44 crore in the corresponding period of the previous year.
Total income increased to Rs 1,909.48 crore in the first nine months of this fiscal year from Rs 1,289.71 crore in the corresponding period of the previous year.
“The real estate sector has witnessed a very strong sales momentum in the last few quarters. This is primarily due to supply-side consolidation and a shift in consumer preference towards established players,” Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, was quoted as saying in reports.
“Historically, low-interest rates are also supporting a spur in the volumes. In the commercial segment, we see that the leasing activity is gradually picking up, and with the pandemic easing out, the retail business is also set to make a comeback," Oberoi said.
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