Profit before tax slipped 48.38% year on year to Rs 479.33 crore in the quarter ended 31 December 2023.

The company’s revenue from Real estate business stood at Rs 1,004.41 crore (down 36.73% YoY) while Hospitality income was at Rs 49.23 crore (up 17.49%) during the quarter.

For 9M FY24, the real estate developer’s consolidated net profit fell 20.06% to Rs 1,138.58 crore as against Rs 1424.26 crore in 9M FY23. Revenue stood at Rs 3,181.02 crore in nine months ended December 2023, up 1.55% YoY.

Vikas Oberoi, chairman & managing director, Oberoi Realty, said, “Amid global headwinds, our strong macro fundamentals have firmly cemented India's repute as one of the fastest growing major economies. The real estate sector continues to scale new heights on the back of increased consumer confidence, rising disposable income and robust demand across segments.

During the quarter, we acquired 14.8 acres land parcel in NCR which marks our expansion into a new geography and also launched Forestville, our first residential project in Thane which generated a healthy demand from customers.”

Meanwhile, the company’s board has second interim dividend of Rs 2 per r equity share for FY24. The record date for the same is fixed on Friday, 2 February 2024 and the dividend will be paid from 13 February 2024.

Separately, the firm has launched a new tower in Elysian at Oberoi Garden City, Goregaon on 19 January 2023 and recorded gross booking value of approximately Rs 882 crore for around 2.20 lakh square feet (carpet area).

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