Oberoi Realty Q1 net profit at Rs.108.9 crore, up 33% yoy

The company's total income has increased from Rs.219.4 crore for the quarter ended June 30, 2015 to Rs.330.3 crore for the quarter ended June 30, 2016.

Aug 20, 2016 11:08 IST India Infoline News Service

Oberoi Realty Ltd has announced the following results for the quarter ended June 30, 2016:

The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs.108.9 crore for the quarter ended June 30, 2016 as compared to Rs.81.9 crore for the quarter ended June 30, 2015. The company's total income has increased from Rs.219.4 crore for the quarter ended June 30, 2015 to Rs.330.3 crore for the quarter ended June 30, 2016.

On a standalone basis, the company has posted a net profit of Rs.92.8 crore for the quarter ended June 30, 2016 as compared to Rs.133.2 crore for the quarter ended June 30, 2015. Total Income has increased from Rs.242.8 crore for the quarter ended June 30, 2015 to Rs.266.2 crore for the quarter ended June 30, 2016.

Commenting on the results, Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said, “Major policy and process changes along with the government’s Ease‐of‐ Doing Business initiative and focus on fast‐tracking of the approval process, have brought in fresh optimism to the markets and have been major enablers for the sector. The long pending clearance of GST coupled with an excellent monsoon this year will bring a positive outlook for the entire Indian economy. Our existing developments will gain additional connectivity with the construction of further Metro lines across the western and the central corridor. With these encouraging propositions and a healthy project pipeline across key locations in Mumbai, we will continue to focus on creating value for our customers and other stakeholders in the future.”

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