Oberoi Realty has rallied 6% at Rs 237 after reporting 17% year-on-year (y-o-y) increase in its consolidated net profit at Rs 111.44 crore for the quarter ended September 30, 2011, on the back of healthy sales growth. The company had posted a net profit of Rs 95.51 crore for the same quarter of previous fiscal.
The Mumbai-based developer registered 45% growth in consolidated revenue to Rs 257 crore in the second quarter this fiscal, as against Rs 177 crore in the corresponding period of the 2010-11 fiscal, it said in a statement.
“The company is sitting on surplus cash, which will be utilised to buy land," said the company’s chairman and managing director.
The stock opened at Rs 227 and hit a high of Rs 242 on the National Stock Exchange. A combined 77,000 shares have changed hands on the counter in morning deals.
