Shares of Oberoi Realty Ltd. rose over 6% to hit a two-week high on Monday after its first-quarter profit nearly doubles, beating analysts' estimates.
The company's net profit jumped 82% year-on-year to Rs 585 crore in the quarter ended June 2024, according to an exchange filing. A Bloomberg poll of analysts estimated pegged net profit at Rs 515.8 crore.
The Mumbai-headquartered firm was able to report impressive bottom line on the back of rise in revenue, and operating profitability.
Oberoi Realty Q1 Results: Key Highlights (Consolidated, YoY)
Revenue up 54% to Rs 1,405 crore. (Bloomberg estimate: Rs 1,240.1 crore).
Ebitda up 72% to Rs 815 crore. (Bloomberg estimate: Rs 712.7 crore).
Margin expands to 58% versus 52% (Bloomberg estimate: 57.5%).
Net profit up 82% to Rs 585 crore. (Bloomberg estimate: Rs 515.8 crore).
Shares of Oberoi Realty rose as much as 6.62% to Rs 1,782.00, the highest level since July 8. It was trading 4.64% higher at Rs 1,748.80 apiece, compared with 0.12% gains in the benchmark BSE Sensex.
The stock gained 64.25% in the last 12 months and 21.47% on year to date basis. Total traded volume so far in the day stood at 2.48 times its 30-day average. The relative strength index was at 49.70.
Out of 25 analysts tracking the company, nine maintain a 'buy' rating, nine recommend a 'hold,' and seven suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 7.9%
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