Oberoi Realty Limited recorded its third quarter profit for the financial year 2023-24 at Rs 360.15 crore, down 48.7 per cent in comparison to Rs 702.57 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 1053.64 crore, down 35.3 per cent as against Rs 1629.46 crore during the third quarter of FY23. The company EBITDA was down 46 per cent on-year at Rs 509.3 crore. While the total income clocked by the company during the quarter in review was at Rs 1082.85 crore, Oberoi Realty incurred a total expense of Rs 605.71 crore during Q3FY24.
Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, said, “Indian economy continues to outpace global expectations as it marches on the path to become the world’s third-largest economy. 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.”
The company board also declared a second interim dividend for FY23-24 at the rate of Rs 2 per equity share, that is, 20 per cent of the face value of equity shares of Rs 10 each. It declared February 2, 2024 as the record date for the purpose of payment of the said interim dividend, and the said interim dividend shall be paid starting from February 13, 2024.
Oberoi Realty Ltd launched a new tower in Elysian at Oberoi Garden City, Goregaon on 19th January 2023 and has recorded gross booking value of ~Rs 882 crores for ~ 2.20 lakh sqft (carpet area). Elysian is located within the ready ecosystem of Oberoi Garden City, Goregaon which has already transformed the city’s skyline to offer residents unmatched vistas of the neighbourhood.
“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. We are delighted to announce the much anticipated launch over the last weekend of a new tower in our luxury residential project Elysian at Oberoi Garden City, Goregaon which received an overwhelming response. As we progress with the handover of home possessions at Sky City’s towers to our customers, we are now gearing up towards completing the development of our other commercial and retail assets. We are confident that the demand for quality housing by reputed brands with a strong execution track record will continue to sustain. With a strategic approach towards creating long-term value for all our stakeholders, we remain focused on identifying and pursuing future avenues for growth,” said Vikas Oberoi.
Oberoi Realty also announced the reappointment of Tina Trikha as an Independent Director of the Company for the second term of 5 years from April 12, 2024 to April 11, 2029. Based on the recommendation of the Nomination and Remuneration Committee of the Company, the board also approved the reappointment of Saumil Daru as Director – Finance of the Company for a further term of 5 years from May 10, 2024 to May 9, 2029.