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Real estate developer Oberoi Realty’s shares soared up to 7.1 per cent, hitting its 52-week high at Rs 1,629.15 a piece on the BSE in Wednesday’s intraday deals. The stock has moved up 7.94 per cent in the last one month, while it has zoomed 9.39 per cent year to date.
The recent surge in stock price, however, came after the real estate firm reported strong quarterly earnings in January-March quarter of financial year 2023-24 (Q4FY24).
The Mumbai based developer reported a 64 per cent year-on-year increase in net profit, reaching Rs 788 crore. Total income for the same period surged by 56 per cent to Rs 1,558 crore.
For the full financial year 2023-24, Oberoi Realty reported a rise in net profit to Rs 1,925 crore compared to Rs 1,904 crore in the previous fiscal year. Similarly, total income for FY24 increased to Rs 4,818 crore from Rs 4,293 crore in FY23.
“The residential sector continues to witness significant sales traction driven by end-user demand and a rising desire for homeownership. In the last quarter, we launched Elysian Tower-C at our flagship integrated development Oberoi Garden City and we also delivered over 1,100 homes to residents at Sky City in Borivali. We recorded the highest ever quarterly and annual profits driven by robust sales momentum and healthy operational performance,” said Vikas Oberoi, CMD, Oberoi Realty.
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On Tuesday, the board of directors of the company also approved resolutions enabling the issuance of non-convertible debentures (NCDs) and Qualified Institutional Placement (QIP) of equity shares, in one or more phases, with a total value of up to Rs 4,000 crore.
Out of this issue, the non-convertible debentures will amount to up to Rs 2,000 crore through private placement, while the remaining funds will be raised via the QIP route.
At 11:57 AM; the stock of the company was trading 3.60 per cent higher at Rs 1,575.20 per share on the BSE. In comparison, the S&P BSE Sensex fell 0.10 per cent. Oberoi Realty is currently trading at price to earnings multiple of 92.71 times.
