Oberoi Realty This autumn PAT up at Rs 788 cr on sturdy demand for luxurious initiatives | Firm Outcomes

Indian actual property developer Oberoi Realty on Tuesday reported a bigger-than-expected fourth-quarter revenue, aided by larger costs and powerful demand for its luxurious initiatives.

 

The Mumbai-based developer, which offers primarily in luxurious residential properties, stated its consolidated internet revenue for the quarter ended March 31 stood at Rs 788 crore ($94.39 million), in contrast with Rs 480 crore a 12 months earlier.

 

Analysts had anticipated the corporate to report a revenue of Rs 400 crore, as per LSEG knowledge.

 

India’s actual property market is seeing a surge in demand for houses, notably luxurious properties. In contrast to different segments, the posh market appears unfazed by rising property costs.

 

Income from operations rose practically 37% to Rs 1,315 crore.

 

The corporate reported a slight rise in reserving numbers to 228 items within the fourth quarter from 207 items a 12 months in the past.

 

Analysts at HDFC Securities famous that the corporate had raised costs by round 10-15% throughout its initiatives. Jefferies analysts had earlier stated that the corporate was set to submit its finest quarter of FY24.

 

Its bigger peer DLF on Monday reported an increase in its fourth-quarter revenue, sustained by momentum from its earlier venture launches, whereas Godrej Properties reported a drop in income in the identical quarter, weighed by muted pricing within the Mumbai market.

 

Firm additionally really helpful a remaining dividend of two rupees per share for the monetary 12 months ended March 31, 2024.

 

Oberoi’s inventory has climbed 5.26% to this point this 12 months, whereas the Nifty realty index rose about 22% in the identical interval.

First Printed: Could 14 2024 | 8:40 PM IST