Oberoi Realty rises after strong Q1 performance

Oberoi Realty advanced 1.51% to Rs 861.50 after the real estate developer's consolidated net profit surged to Rs 403.08 crore in Q1 FY23 from Rs 80.63 crore in Q1 FY22.

Revenue from operations increased by 221.2% YoY to Rs 913.11 crore during the quarter.

As compared with Q4 FY22, the company's net profit and revenue are higher by 73.5% and 10.9%, respectively.

EBITDA was at Rs 513.87 crore for Q1 FY23 as compared with Rs 135.39 crore for Q1 FY22.

Operating margin was 53.90% in Q1 FY23 as against 43.93% in Q1 FY22.

Profit before tax in Q1 FY23 stood at Rs 516.78 crore, which is significantly higher as compared with Rs 109.63 crore recorded in the same period last year.

Vikas Oberoi, CMD, Oberoi Realty, said, With the increased economic activity and a strong consumer sentiment towards home ownership, there is a consumption led momentum across all our residential projects. Our other business portfolios - commercial and retail - have also bounced back.

With people coming back to office there is a strong impetus to the commercial segment. Our retail portfolio has also demonstrated a commendable performance with footfalls going back to and exceeding pre-Covid levels.

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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