Hot Pursuit     01-Aug-23
Oberoi Realty slides after Q1 PAT drops 20% YoY
Oberoi Realty declined 2.54% to Rs 1,090.55 after the realtor's consolidated net profit fell 20.2% to Rs 321.64 crore in Q1 FY24 as against Rs 403.08 crore for Q1 FY23.
Revenue for Q1 FY24 rose marginally to Rs 933.56 crore from Rs 934.81 crore posted in corresponding quarter previous year.

EBITDA de-grew by 3.22% year on year (YoY) to Rs 497.32 crore in the quarter ended 30 June 2023.

Profit before tax during the quarter stood at Rs 426.22 crore, down by 18% from Rs 516.78 crore in Q1 FY23.

Vikas Oberoi, chairman and managing director of Oberoi Realty said, “Despite international volatility, India's economy continues to maintain its upward momentum on account of increased demand and infrastructure creation. All verticals in the real estate industry have also been a huge beneficiary of this economic growth, especially the demand for premium housing.

On the back of this rising customer demand, coupled with the upcoming festive period, we are confident that the demand for quality housing by reputed brands having a proven track record will continue to sustain.”

Meanwhile, the board of directors approved the revised scheme of amalgamation of Oberoi Constructions, Oberoi Mall and Evenstar Hotels with Oberoi Realty.

The proposed amalgamation would achieve simplification of overall group structure; create enhanced value for the stakeholders; optimal utilization of existing resources through consolidation of operations into a single legal entity; provide an opportunity to leverage and pool manpower of the respective companies; derive operational and financial synergies through prudent financial management and cost reduction and better administration, reduction / rationalization in costs, focused operational efforts, and elimination of duplication.

Oberoi Realty is a real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.

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