Oberoi Realty lost 2.37% to Rs 181.10 at 12:31 IST on BSE after consolidated net profit fell 48.4% to Rs 64.14 crore on 28.66% decline in revenue to Rs 201.67 crore in Q2 September 2013 over Q2 September 2012.
The Q2 result was announced after market hours on Wednesday, 30 October 2013.
Meanwhile, the S&P BSE Sensex was up 51.63 points or 0.25% at 21,085.60.
On BSE, 8,737 shares were traded in the counter as against average daily volume of 21,983 shares over the past one quarter.
The stock hit a high of Rs 183.35 and a low of Rs 177.70 so far during the day. The stock had hit a record high of Rs 327.70 on 21 January 2013. The stock had hit a 52-week low of Rs 154 on 4 September 2013.
The stock had outperformed the market over the past one month till 30 October 2013, surging 9.44% compared with the Sensex's 8.54% rise. The scrip had, however, underperformed the market in past one quarter, sliding 7.87% as against Sensex's 8.71% rise.
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The mid-cap company has equity capital of Rs 328.23 crore. Face value per share is Rs 10.
Oberoi Realty's consolidated profit before tax (PBT) declined 45.08% to Rs 91.90 crore in Q2 September 2013 over Q2 September 2012.
Commenting on the results, Mr. Vikas Oberoi, CMD, Oberoi Realty said, "Though the overall economic environment continues to remain challenging for the industry at large, we believe this will create opportunities for companies like us who have been financially prudent. Of late, the Mumbai market has experienced some sluggishness in volumes for under construction projects though there continues to be demand for ready projects. With the buoyancy in the stock markets being one of the key drivers of buyer sentiment, we expect the momentum to catch on gradually for the real estate sector and further strengthen our sales".
Oberoi Realty is a real estate developer headquartered in Mumbai.
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