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Oberoi Realty Q2FY25 results: Net profit rises 29% to Rs 589 crore

Segment-wise, the company's real estate business generated revenue of Rs 1,276.14 crore, almost 94 per cent of its total revenue

Oberoi Realty
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Prachi Pisal Mumbai
3 min read Last Updated : Oct 19 2024 | 12:25 AM IST
Real estate major Oberoi Realty posted a net profit of Rs 589 crore for the second quarter of financial year 2025 (Q2 FY25), up 29 per cent year-on-year (Y-o-Y).

The company’s total revenue for the quarter stood at Rs 1,358.62 crore, up 9.23 per cent on an annual basis. The company’s total expenses declined by 10.6 per cent Y-o-Y to Rs 578.64 crore.

Segment-wise, the company’s real estate business generated revenue of Rs 1,276.14 crore, almost 94 per cent of its total revenue. The company also reported a bookings value of Rs 1,442.46 crore during the quarter, almost 50 per cent more than the corresponding period of the last financial year.

Vikas Oberoi, chairman and managing director of Oberoi Realty, said, “Our commitment to delivering exceptional living experiences has solidified our position as a leading player in the market. With a robust launch pipeline, we are well-positioned to capitalise on the growing demand for premium residential properties and drive sustainable growth.”

Moreover, the company’s board of directors, in its meeting held on Friday (October 18), declared a second interim dividend for FY25 at the rate of Rs 2 per equity share, which is 20 per cent of the face value of equity shares of Rs 10 each. The company stated that November 4 is the record date for the purpose of payment of the said interim dividend, and the interim dividend will be paid starting from November 14, 2024.

Earlier, the company’s board approved a plan to raise funds of up to Rs 1,500 crore by way of the issue of senior, rated, listed, secured, tenable, redeemable, and non-convertible debentures on a private placement basis.

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The company’s board had also previously approved raising funds of up to Rs 6,000 crore by way of equity and/or equity-linked instruments through private placement, including a qualified institutional placement.

Additionally, during the quarter, the company entered into two major development agreements in the Mumbai metropolitan region. One agreement was for the development of land measuring about 12,790 square metres at Adarsh Nagar, Worli, and another for the development and redevelopment of land measuring around 2,576 square metres in Bandra West.

In August 2024, the company acquired Nirmal Lifestyle Realty Private Limited (NLRPL) under the Insolvency and Bankruptcy Code, 2016. The acquisition involves paying creditors Rs 273 crore as well as the Corporate Insolvency Resolution Process (CIRP) costs.

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Topics :Oberoi RealtyQ2 resultsIndian companies

First Published: Oct 19 2024 | 12:15 AM IST

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