Oberoi Realty’s Net Profit Grows 14% in Q4 FY21

Oberoi Realty’s Net Profit Grows 14% in Q4 FY21
18/05/2021 , by , in News/Views

Oberoi Realty has recorded a growth of 14 per cent in its net consolidated profit during January-March 2021 quarter, the company said in a BSE filing. Its profit after tax (PAT) stood at Rs 286.85 crore in Q4 FY21 as against Rs 250.96 it registered in the corresponding quarter previous fiscal.

The company’s net consolidated income stood at Rs 800.87 crore for Q4 FY21, a growth of 28% from Rs 625.73 crore it recorded in the similar quarter last year. During the quarter ended March 31, 2021, the company redeemed Rs 95.04 crore from Series I NCDs and Rs 80 crore from Series II NCDs by way of face value reduction, the company said in the regulatory filing.

The group’s operations were impacted by the Covid 19 pandemic. Based on current indicators of future economic conditions, the group has sufficient liquidity and expects to fully recover the carrying amount of its assets. The consolidated revenue for the company was Rs 2,090.59 crore for FY21 as against Rs 2,285.98 crore for FY20. The consolidated PAT for FY21 was Rs 741.54 crore as against Rs 689.19 crore for FY20.

Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said, “The ongoing pandemic has been extremely challenging for everyone. The need to have a safe and secure environment for one’s family has naturally become the top priority. We are seeing a clear trend of consumer preferences moving towards spacious homes that can cater to the needs of every family member. Our quarterly and yearly numbers are a testament to this shift which we believe is here to stay. We launched two new residential projects (Elysian-Tower A in Goregaon and Sky City-Tower F in Borivali) in this quarter that saw an overwhelming response. This highlights the fact that as a result of customer’s confidence and the inevitable consolidation in the industry, the market share of the established developers will continue to grow. We are adhering to all the health and safety guidelines while making sure that our construction sites are functional. We are undertaking necessary measures to ensure that our employees are vaccinated at the earliest. We expect site and show apartment visits to pick up swiftly once the lockdown restrictions are relaxed.?

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