Oberoi Realty Ltd.'s third-quarter profit fell by almost 50% and missed analysts' estimates, mainly due to a decline in its revenue.
The real-estate player's consolidated net profit declined 48.7% year-on-year to Rs 360.2 crore in the quarter ended December 2023, according to an exchange filing on Monday. Analysts tracked by Bloomberg had estimated a net profit of Rs 410.02 crore.
The company's revenue fell by 35% to Rs 1,053.6 crore, while the realty firm's expenses also saw a decline of 17.8% to Rs 60,571 crore year-on-year.
Oberoi Realty Q3 FY24 Highlights (YoY)
Revenue at Rs 1,053.6 crore vs Rs 1,629.5 crore, down 35.4%.
Ebitda at Rs 509.4 crore vs Rs 940.4 crore, declines 45.8%.
Margin at 48.34% vs 57.71%, down 936 bps.
Net profit at Rs 360.2 crore vs Rs 702.6 crore, falls 48.7%.
The company also declared its second interim dividend of Rs 2 per equity share for the current fiscal. The dividend is set at 20% of the face value of equity shares of Rs 10 each, the company said in its exchange filing.
The company has set Feb. 2 as the record date of the interim dividend, and the dividend shall be paid starting from Feb. 13, it said.
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