Real-estate developer Oberoi Realty, on Tuesday, posted a consolidated net profit of Rs 480 crore for the March quarter. This is 106 per cent rise from Rs 232 crore a year ago, the company statement said.
The company’s consolidated revenue from operation rose by 16.76 per cent to Rs 961 crore for the March quarter as compared to Rs 823 crore in the year-ago period.
Oberoi Realty to issue non-convertible debentures worth Rs 1,500 crore by way of private placement, the company said in BSE filing.
In a regulatory filing, Oberoi Realty said, “the Board of Directors of the Company at their meeting held on May 16, 2023 has recommended a dividend of Rs 4/- (Rupees four only) per equity share i.e. 40% of the face value of equity share for the financial year ended March 31, 2023. The said dividend, subject to the approval of the members of the Company, shall be paid starting not later than the fifth day from the conclusion of the Annual General Meeting.”
“The Board of Directors passed enabling resolution for issue of non-convertible debentures up to an aggregate amount of Rs.1500,00,00,000/- (Rupees One Thousand Five Hundred Crore only) by way of private placement, in one or more offering(s) and/ or tranches(s),” the company said.
Oberoi Realty and other developers like DLF Ltd and Godrej Properties Ltd saw robust sales and strong project launches during the quarter despite a 250-basis points rise in lending rates for the full year.
Oberoi Realty's booking value rose over six times to Rs 6,023 crore, it said in April.
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Real estate consulting firm Anarock said in a note that sales in the country's top seven cities grew 14% year-on-year during the three months ended March 31 due to a rising desire for home ownership.
"Many consider real estate to be one of the safest investment options presently as price volatility is extremely low compared to other investment classes," Anarock said.
The sector could see further growth if India's central bank decides to halt the rate hike cycle after a gruelling three years hit by successive waves of Covid-19.
(With inputs from Reuters)
(With inputs from Reuters)