Oberoi Realty today reported 60 per cent decline in consolidated net profit to Rs 84.92 crore for the December quarter of the current fiscal on a sharp dip in sales against the backdrop of demonetisation.
Its net profit was Rs 212.34 crore in the October-December period of last fiscal, the Mumbai-based developer said in a regulatory filing.
Its income from operation fell sharply to Rs 252.17 crore in the third quarter of 2016-17, as against Rs 784.13 crore in the year-ago period.
The company's total income dipped to Rs 264.85 crore during the quarter under review, from Rs 794.63 crore in the year-ago period.
Oberoi Realty CMD Vikas Oberoi said: "2016 came to an eventful close with the move of demonetisation which will help clean up the entire system and improve India's image, thereby attracting more foreign investment.
"This initiative will create a level playing field for us by removing the unfair advantage that certain unscrupulous players enjoyed. While initially demonetisation had its short- term consequences, we are confident that the sales volume will be more than restored in coming quarters of 2017," he added.
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