Oberoi Realty recorded a consolidated profit after tax (PAT) to Rs286.43cr for the quarter ended December 2020 (Q3FY21) period against Rs209.70cr a year ago same period. The company's PAT stood at Rs569.56cr for 9MFY21 as against Rs618.09cr for 9MFY20,
Consolidated Revenues stood at Rs837.57cr for Q3FY21 as against Rs536.53cr for Q3FY20 and Rs1,289.71cr for 9MFY21 as against Rs1,659.72cr for 9MFY20.
Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said, “Q3FY21 saw a convergence of multiple positive factors for resulting in our 9-month FY21 booking values surpassing the entire FY20 numbers. This assumes special significance considering that the beginning of FY21 has been severely impacted by the pandemic. Changing consumer behaviour towards buying living spaces for end use requirements of today instead of perennially waiting for better deals, statutory benefits provided by the state government, economic stimulus provided by the central government, low interest rates etc. have all contributed towards our performance. The volumes during the quarter shows a clear shift of home buyers towards developers with financial stability and a proven track record. The consolidation trend in the real estate sector has now truly begun."
Oberoi added, "Even the commercial segment is expected to see a turnaround in the near term driven by shortage of Grade A office spaces as developing them requires a high level of financial discipline and strong brand equity. Since few developers are able to achieve this today, we at Oberoi Realty Limited, are backing ourselves to build quality commercial assets.”
At around 2.41 pm, Oberoi Realty was trading at Rs553.80 per piece down by 2.37% on Sensex. The stock has touched an intraday high and low of Rs600 per piece and Rs550.05 per piece respectively.