Oberoi Realty, a real estate company, saw its net profit drop by 45% compared to last year. For the March quarter, the profit was ₹433.17 crore, down from ₹788.03 crore last year. Additionally, the company’s earnings fell 12.5%, reaching ₹1,150 crore instead of ₹1,315 crore.
The company’s earnings before tax, interest, and depreciation (EBITDA) was ₹618.07 crore, which is a 21.6% decrease from ₹788.57 crore from the same quarter last year. Their EBITDA margin, which shows how much of their revenue is profit after costs, decreased by 6.24 percentage points to 53.7% from 60%.
For the entire year, Oberoi Realty earned ₹2,224.05 crore, which is better than last year’s ₹1,925.17 crore. Their revenue for the year was ₹5,474.17 crore, up from ₹4,818.77 crore last year.
Vikas Oberoi, the head of Oberoi Realty, expressed that despite the profit dip, the Indian economy is growing steadily. He mentioned that people are still buying luxury homes because of their increasing income and lifestyle choices. The launch of Sky City Mall in Borivali and a strong demand for their office spaces show positive signs for the future.
On the previous day, Oberoi Realty’s shares gained 2.8%, closing at ₹1,655.65 on the BSE.
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