Oberoi Realty dips on weak Q4 results

The company reported a drop in its net profit to Rs 65 crore for this quarter on drop in sales of residential preoperties

Shares of Oberoi Realty plunge 4% to Rs 268 on the BSE after the company reported a drop in its net profit to Rs 65 crore for the fourth quarter ended March 31 as compared to  Rs 103 crore recorded in the corresponding quarter last year as sales of its residential projects reduced during the period.

Meanwhile, the revenue for this quarter came at Rs 237 crore as against Rs 349 crore for same period previous year. 

Revenue for FY16 stood at Rs 1,444 crore against Rs 940 crore for FY15 and the net profit stood at Rs 425.91 crore in contrast to Rs 317 crore for FY15.

The stock opened at Rs 271.80 and touched a low of Rs 261.50 on the BSE. A total of 18,919 shares changed hands on the BSE.