Oberoi Realty net profit at Rs138.38cr in Q2FY21; stock up 2%

The Company has recorded Consolidated Revenue of Rs. 325.28 crore for Q2FY21 as against Rs.505.09 crore for Q2FY20.

Oct 19, 2020 10:10 IST India Infoline News Service

Oberoi Realty Limited, headquartered in Mumbai, announced on Saturday, its results for the second quarter of FY21 and first half of FY21. The Company has recorded Consolidated Revenue of Rs. 325.28 crore for Q2FY21 as against Rs.505.09 crore for Q2FY20. 

The Consolidated Profit Before Tax was Rs. 168.81 crore for Q2FY21 as against Rs.192.08 crore for Q2FY20. The Consolidated Profit After Tax was Rs. 138.38 crore for Q2FY21 as against Rs.138.22 crore for Q2FY20.

Revenue for Q2FY21 at Rs. 325.28 crore and for H1FY21 at Rs. 452.14 crore. Profit Before Tax (PBT) for Q2FY21 at Rs. 168.81 crore and for H1FY21 at Rs. 208.59 crore. Profit After Tax (PAT) for Q2FY21 at Rs. 138.38 crore and for H1FY21 at Rs. 167.65 crore.

Commenting on the Q2FY21 results, Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said, “The COVID-19 pandemic has made home buyers realize the importance of owning a home that takes care of all the needs and safety of every family member. The customers have clearly indicated their preference to deal with developers with a strong brand equity, financial stability and a proven track record of construction quality and delivery. These changes in customer preferences and consolidation in the real estate sector have led to a major transformation. In addition, the measures announced by the Central and State Governments and the RBI have also contributed to creating a positive sentiment.

Government of Maharashtra’s initiative of reducing stamp duty has ensured that demand is restored to pre-Covid levels. At Oberoi Realty, we are seeing a consolidation of demand in our favour from customers who seek quality projects and value the financial stability of the developer when buying their dream home, especially in these times. We are committed to continuously reinvent ourselves in design, technology and customer experience as we continue to keep the customer at the centre of all that we do”.
Oberoi Realty Ltd is currently trading at Rs396.65 up by Rs7.5 or 1.93% from its previous closing of Rs389.15 on the BSE.
The scrip opened at Rs398 and has touched a high and low of Rs402.30 and Rs395.80 respectively.

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