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Last Updated : Oct 22, 2019 12:21 PM IST | Source: Moneycontrol.com

Oberoi Realty dips 6% after sharp fall in September quarter profit

The jump in finance cost to Rs 25 crore in Q2 (against Rs 6 crore YoY) also impacted profitability.

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Shares of Oberoi Realty fell more than 6 percent intraday on October 22 after the profit during July-September period declined sharply compared to year-ago.

Consolidated net profit during the quarter was down by 35.4 percent year-on-year at Rs 138 crore, while revenue fell 17.1 percent to Rs 491.1 crore in Q2FY20.

At operating level, earnings before interest, tax, depreciation and amortisation plunged 28.2 percent to Rs 212.53 crore and margin contracted 670bps to 43.3 percent compared to same period last year.

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Volumes have declined 39 percent YoY to 0.14 million square feet, while bookings fell 43 percent YoY to Rs 322.8 crore in September quarter.

The jump in finance cost to Rs 25 crore in Q2 (against Rs 6 crore YoY) also impacted profitability.

Borrowings have increased in last 6 months with long term loans rising 45 percent YoY to Rs 853.3 crore and short term loans up 91.2 percent to Rs 473.3 crore in Q2.

The stock was quoting at Rs 524.35, down Rs 15.35, or 2.84 percent on the BSE at 1206 hours.

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First Published on Oct 22, 2019 12:21 pm
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