The Mumbai-based real estate developer has reported a 19.5% rise in consolidated net profit to Rs 318.62 crore despite of 8.7% decline in revenue from operations to Rs 688.59 crore in Q2 FY23 over Q2 FY22.
As compared with Q1 FY23, the company's net profit and revenue are lower by 20.95% and 24.59%, respectively.EBITDA was at Rs 333.64 crore for Q2 FY23 as compared with Rs 513.87 crore for Q1 FY23.
Operating margin was 45.08% in Q2 FY23 as against 44.47% in Q2 FY22.
Profit before tax in Q1 FY23 stood at Rs 387.86 crore, higher by 7% as compared with Rs 361.94 crore recorded in the same period last year.
Vikas Oberoi, chairman & managing director of Oberoi Realty, said, "India is a beacon of hope in an otherwise challenging global scenario. The real estate sector continues to outperform most sectors on account of the robust demand for homes from consumer sentiment towards home ownership and increased consumption activity.
Our sales reflect the resilience of the Indian market and the customers' growing desire for larger and better apartments. We are seeing very good traction in the luxury residential segment. Alongside residential, our hospitality and retail businesses have also been witnessing overwhelming footfalls and consumption."
Oberoi Realty is a real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure verticals.
The scrip declined 2.92% to currently trade at Rs 874.05 on the NSE.
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