Oberoi Realty Q2 Results: Profit Rises 29%, Beats Estimates

The consolidated net profit of Oberoi Realty Ltd. jumped 8.4% in the second quarter of the current financial year, beating analysts' estimates.

The real estate player's profit rose to Rs 589 crore in the quarter ended Sept. 30, 2024, according to an exchange filing on Friday. Analysts tracked by Bloomberg had estimated a profit of Rs 520 crore.

The company's revenue rose 8.4% to Rs 1,320 crore as compared to Rs 1,217 crore in the corresponding quarter of the previous fiscal. Analysts at Bloomberg estimated revenue to be around Rs 1,292 crore.

The company reported a 27.5% rise in earnings before interest, taxes, depreciation, and amortisation of Rs 815 crore, as against Rs 474 crore for the same quarter of the previous fiscal. Analyst estimates for the same by Bloomberg was Rs 707 crore.

The firm's consolidated margin expanded to 61.6% from 52.4% in the same period last year, as compared to the estimate of 54.70%.

• Revenue up 8.4% to Rs 1,320 crore versus Rs 1,217 crore (Bloomberg estimate: Rs 1,292 crore).

• Ebitda up 27.5% to Rs 815 crore versus Rs 474 crore (Estimate: Rs 707 crore).

• Margin expands to 61.6% versus 52.4% (Estimate: 54.70%).

• Net profit up 29% to Rs 589 crore versus Rs 457 crore (Estimate: Rs 520 crore).

• The company declared a second interim dividend for the financial year-ending March 2025 of Rs 2 per share.

"India's economic growth story continues to captivate the world, and the real estate sector has been a key beneficiary of this positive momentum. We are pleased to report another strong quarter driven by healthy residential sales momentum and robust operating performance across our annuity assets," said Vikas Oberoi, chairman & managing director, Oberoi Realty.

Shares of the company closed 1.43% higher at Rs 1,930.35 per share. That compares to a 0.42% advance in the NSE Nifty 50.