Mumbai-based property developer Oberoi Realty Ltd.'s net profit rose 43% in the second quarter of fiscal 2024.
The company's consolidated net profit was up 43% year-on-year to Rs 456 crore for Q2, as compared with Rs 318.6 crore in the same quarter a year earlier, according to its exchange filing on Friday. Analysts polled by Bloomberg had estimated a net profit of Rs 348 crore.
Its revenue rose 77% to Rs 1,217 crore during the July-September period, from Rs 688.5 crore in the corresponding quarter of the previous fiscal. That compares with the Rs 989 crore consensus estimate of analysts tracked by Bloomberg.
Its expenses rose 53% to Rs 647 crore during Q2 from Rs 424 crore in the same quarter last year.
Oberoi Realty Q2 Results Key Highlights (YoY)
Net profit up 43% to Rs 456 crore vs Rs 318.6 crore.
Revenue up 77% at Rs 1,217 crore vs Rs 688.5 crore.
Ebitda rose to Rs 638 crore vs Rs 310 crore.
Ebitda margin at 52.4% vs 45%.
Segment Highlights
Its revenue from the real estate segment rose 80% to Rs 1,177 crore as compared with Rs 654 crore year-on-year, whereas the hospitality segment grew 18% to Rs 40 crore from Rs 34 crore.
Dividend Details
The board has declared interim dividend for FY24 at the rate of Rs 2 per equity share i.e. 20% of the face value of equity shares of Rs 10 each.
Nov. 8 is the record date for the purpose of payment of the said interim dividend, and it will be paid starting from Nov. 20, it said.
Shares of Oberoi Realty closed nearly 3% higher at Rs 1,099 apiece ahead of the results, as compared with a 1% rise in the benchmark Sensex. The realty stock jumped 26% year-to-date.
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