Mumbai, Jan 29: Realty firm Oberoi Realty has reported a 63.29 per cent increase in consolidated net profit for the quarter ended December 31, 2021 at Rs 467.73 crore, largely on the back of improved revenues from operations and higher share of profits of joint ventures.
The company had reported a consolidated PAT of Rs 286.43 crore in the corresponding quarter last fiscal.
Its revenue from operations was nearly flat at Rs 832.01 crore as compared to Rs 828.41 crore in Q3 FY21.
The city-based company reported Rs 235.34 crore as the share of profit of joint ventures during the quarter as against a loss of Rs 15 crore recorded a year-ago.
?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,” Oberoi Realty Chairman and MD Vikas Oberoi said.
He noted that 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 added.
During the quarter, over 10.40 lakh sqft of residential space was booked. While the sales value for Q3 FY22 stood at 1,965.17 crore, the total collection was Rs 873.77 crore.
“At Oberoi Realty, all our projects received an overwhelming response and continue to perform exceedingly well. We remain committed to create developments that cater to all the needs of the homebuyer across segments and offer them an enhanced, sustainable and healthy lifestyle,” Oberoi added. (UNI)
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