Oberoi Realty rises after Q3 PAT climbs 50% YoY to Rs 703 cr

Oberoi Realty gained 2.84% to Rs 862 after the real estate developer's consolidated net profit surged 50.3% to Rs 702.57 crore in Q3 FY23 from Rs 467.53 crore reported in Q3 FY22.

Revenue from operations soared 95.8% to Rs 1,629.46 crore in Q3 FY23 as against Rs 832.01 crore recorded in the corresponding quarter previous year.

Consolidated profit before tax stood at Rs 928.58 crore in the quarter ended 31 December 2022, registering a growth of 68.5% from Rs 551.22 crore posted in Q3 FY22.

During the quarter, the company's revenue from Real estate business stood at Rs 1,587.56 crore (up 96.71% YoY) and revenue from Hospitality segment was at Rs 41.90 crore (up 68% YoY).

The firm's operating margin improved to 57.71% in Q3 FY23 from 39.85% posted in Q3 FY22.

Vikas Oberoi, chairman & managing director, Oberoi Realty, said, India continues to be one of the fastest growing economies in the world. The residential market continues to grow due to the increase in demand for larger homes due to incremental income and financial stability. Our newly launched Tower G in our project Sky City, witnessed robust sales upon launch. With new project launches planned for the fourth quarter, we expect to end the year on a strong note as we continue to look out for future growth opportunities.

Oberoi Realty is a real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.

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