Shares of Oberoi Realty Ltd. dropped over 5% on Wednesday after the announcement of fourth-quarter results.
The real estate firm's net profit rose 50% year-on-year to Rs 480.16 crore in the quarter ended March, according to an exchange filing. while its consolidated revenue rose 15.29% year-on-year to Rs 995.11 crore.
The consolidated PAT for FY23 rose 44.96% year-on-year to Rs 1,903.93 crore. While Consolidated revenue rose 35.89% year-on-year to Rs 4,293.20 crore for the full year ended March 31.
"The retail segment is experiencing phenomenal footfalls and strong growth across consumption. We expect a sustained interest in Grade-A offices as occupiers and employees focus on the quality of the space that they occupy. In the coming year, we look forward to the launch of new projects and entry into new markets, leading to enhanced value for our stakeholders," said Vikas Oberoi, chief managing director at Oberoi Realty.
Shares of Oberoi Realty fell 5.65% to Rs 920.5 apiece, compared to a 0.39% decline in the benchmark NSE Nifty 50 as of 11.02 a.m.
The stock declined as much as 6.48% at the time of opening, while the total traded volume stood at 6.9 times its 30-day average.
Out of the 26 analysts tracking the company, 15 maintain a 'buy' rating, seven recommend a 'hold,' and four suggest to 'sell' the stock, as per the Bloomberg data.
The return potential, as calculated by the consensus of analyst estimates, stands at an upside of 12.9% over the next 12 months.
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