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Oberoi Realty's sales bookings fell by 10 percent in the second quarter of the current fiscal to INR 1,299.06 crore due to reduced area sold, although the number of units remained stable at 158. Collections rose to INR 1,352.82 crore, compared with INR 1,211.17 crore last year. Consolidated net profit increased by 29 percent to INR 760.26 crore, and total income grew to INR 1,844.84 crore. The company maintained steady unit sales and improved revenue, reflecting resilience in the luxury housing segment despite lower sales volumes.
Oberoi Realty reported a 10 percent decline in sales bookings for the second quarter of the current fiscal, totaling INR 1,299.06 crore, primarily due to lower sales in terms of area. The Mumbai-based developer, which focuses on luxury housing, had recorded sales worth INR 1,442.46 crore during the same quarter last year. Advertisement
During the July-September period, the company sold 158 units covering 2,50,701 sq ft, generating sales bookings of INR 1,299.06 crore. Collections during this period reached INR 1,352.82 crore, showing an increase compared with INR 1,211.17 crore collected in the corresponding quarter of the previous fiscal, when 158 units covering 2,75,780 sq ft were sold with sales bookings of INR 1,442.46 crore.
Despite the decline in sales value, Oberoi Realty's consolidated net profit rose by 29 percent to INR 760.26 crore, up from INR 589.44 crore in the year-ago period. Total income for the quarter grew to INR 1,844.84 crore from INR 1,358.62 crore in the same period last year, reflecting higher revenue generation from its projects.
Oberoi Realty remains one of India's leading real estate developers, particularly in the luxury housing segment. The company's performance in this quarter indicates steady demand for its offerings and effective management of collections and revenue, even in periods of lower area sales.
Source PTI
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