Oberoi Realty's profit rose 93% YoY to Rs 286.43 crore

Oberoi Realty on Friday announced the financial results for the quarter ended on ended December 31, 2020 (Q3FY21). It reported a 93.42 per cent year-on-year (YoY) rise in consolidated profit after tax (PAT) at Rs 286.43 crore for Q3FY21 as against Rs 148.08 crore posted in the corresponding quarter of the last fiscal year (Q3FY20).

The consolidated revenue of the Mumbai-based company grew by 56.10 per cent to Rs 837.57 crore in the reported quarter as against Rs 536.53 crore reported in the same period last year.

Commenting on the Q3FY21 results, Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said, "Q3FY21 saw a convergence of multiple positive factors for resulting in our 9-month FY21 booking values surpassing the entire FY20 numbers. This assumes special significance considering that the beginning of FY21 has been severely impacted by the pandemic. Changing consumer behaviour towards buying living spaces for end-use requirements of today instead of perennially waiting for better deals, statutory benefits provided by the state government, economic stimulus provided by the central government, low-interest rates etc. have all contributed towards our performance."

He added, "The volumes during the quarter show a clear shift of home buyers towards developers with financial stability and a proven track record. The consolidation trend in the real estate sector has now truly begun. Even the commercial segment is expected to see a turnaround in the near term driven by a shortage of Grade A office spaces as developing them requires a high level of financial discipline and strong brand equity. Since few developers are able to achieve this today, we at Oberoi Realty Limited, are backing ourselves to build quality commercial assets."

Oberoi Realty's profit before tax (PBT) rose 72.14 per cent to Rs 360.99 crore for Q3FY21 as against Rs 209.70 crore for Q3FY20.

Oberoi Realty Ltd. is India's leading real estate development company, headquartered in Mumbai. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.