Moneycontrol PRO

Oberoi Realty's Q4 consolidated net profit dips 19% to Rs 232.65 crore

The company’s board approves resolutions to raise up to Rs 1,500 crore through issuance of non-convertible debentures.

Oberoi Realty Limited's net profit increased to Rs 1,047.10 crore in FY22.

Oberoi Realty Limited's net profit increased to Rs 1,047.10 crore in FY22.


Mumbai-based Oberoi Realty Limited on May 26 reported a 19 percent decline in consolidated net profit at Rs 232.65 crore for the March quarter. Its net profit stood at Rs 286.85 crore in the year-ago period.

The company’s total income increased to Rs 842.94 crore for the quarter under review as against Rs 800.87 crore in the corresponding period of the previous year, it said in a statement.

The company's board has approved resolutions to raise up to Rs 1,500 crore through the issuance of non-convertible debentures by way of private placement in one or more tranches. It also approved raising up to Rs 2,000 crore through issue of equity shares or any other securities convertible into equity.

The company’s net profit increased to Rs 1,047.10 crore in FY22 over Rs 739.29 crore in the preceding year, the statement added.

In the previous fiscal, the total income rose to Rs 2,752.42 crore as compared to Rs 2,090.59 crore in 2020-21, the real estate developer said.

Also Read: Oberoi Realty signs deal to develop land parcel worth Rs 404 crore in Mumbai

Close
“Our honourable prime minister’s proactive economic policies have steered India into a global economic force. The real estate sector has also witnessed a healthy increase in demand over the last two years, and we clearly see this actual user consumption-led momentum continuing. We are observing a paradigm shift in consumer behaviour towards an aspirational lifestyle, and a clear preference for larger spaces. We are also witnessing a steady increase in demand for commercial real estate as employees return to their offices,” said Vikas Oberoi, CMD, Oberoi Realty.
Moneycontrol News
first published: May 26, 2022 10:34 pm
Sections
ISO 27001 - BSI Assurance Mark