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Jul 15, 2013, 09.31 PM IST | Source: Moneycontrol.com

Oberoi Realty Q1 net profit dips 33%, operating costs rise

Mumbai based realtor Oberoi Realty's first quarter (April – June, FY14) standalone net profit dipped 33 percent year-on-year to about 80 crore, dented by lower other income and higher operating costs. While other income plunged 81 percent to just 17 crore, operating costs spiked a little more than 38 percent during the three-month period.

Moneycontrol Bureau

Mumbai based realtor Oberoi Realty 's first quarter (April - June, FY14) standalone net profit dipped 33 percent year-on-year to about 80 crore, dented by lower other income and higher operating costs. While other income plunged 81 percent to just 17 crore, operating costs spiked a little more than 38 percent during the three-month period.

However, net sales jumped up nearly 60 percent to Rs 168 crore. Other operating income surged close to ten times at Rs 6.13 crore compared with just Rs 61 lakh in the corresponding quarter of the previous year FY13. During the quarter, total expenditure rose 29 percent y-o-y to Rs 76 crore.

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The real estate segment contributed the majority share of revenues. It grew 73 percent to Rs 148 crore against 18 percent rise in the hospitality segment, which stood at Rs 26 crore. The developer builds residential houses and commercial complexes under its real estate segment in addition to laying structures for social infrastructure.

On a consolidated basis, the company managed to report a scanty 1 percent y-o-y rise in its first quarter net profit at Rs 102 crore. Net sales rose marginally by 6 percent to about Rs 210 crore.

Since last three months, Oberoi shares dropped 25 percent compared with 32 percent fall in the S&P BSE Realty index a broader barometer for realty stocks.

saikat.das@network18online.com

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