New Delhi: Oberoi Realty Ltd announced an 82 percent rise in its combined net profit to Rs 584.51 crore for the initial quarter of the present financial year due to increased revenue. In the previous year, it had a net profit of Rs 321.64 crore. According to a regulatory filing on Friday, the total revenue increased to Rs 1,441.95 crore in April-June 2024-25 from Rs 933.56 crore in the same period last year.
Vikas Oberoi, the Chairman and Managing Director of Oberoi Realty, stated that India is still the fastest growing major economy, dealing with global challenges by utilizing its strong economic base and proactive policy decisions for growth.
He mentioned that the Indian real estate market has seen a strong demand in different segments, confirming its status as the top investment option. "We are excited to report another positive quarter, fueled by strong interest in the high-end real estate sector as homeowners seek to enhance their quality of life," stated Oberoi.
Oberoi Realty is preparing for upcoming project and tower releases, increasing its annuity assets and strategic land purchases, as mentioned. "We are dedicated to attaining sustainable growth while prioritizing the creation of long-term value for our stakeholders," Oberoi stated.
Oberoi Realty, headquartered in Mumbai, is a top real estate developer in India, focusing on creating residential, office, retail, and hospitality projects. In the latest fiscal year 2023-24, the company recorded a net profit of Rs 1,926.60 crore out of a total revenue of Rs 4,818.77 crore.
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