Oberoi Realty gains as Q4 PAT climbs 64% YoY to Rs 788 cr

Oberoi Realty advanced 2.83% to 1,564.45 after the company's consolidated net profit jumped 64.07% to Rs 788.03 crore on 36.75% increase in revenue from operations to Rs 1,314.77 crore in Q4 FY24 over Q4 FY23.

The companys revenue from real estate business stood at Rs 1,266.32 crore (up 38.34% YoY) while Hospitality income was at Rs 48.45 crore (up 5.07%) during the quarter.

On full year basis, the companys consolidated net profit rose 1.15% to Rs 1,926.60 crore on 7.23% increase in revenue from operations to Rs 4,495.79 crore in FY24 over FY23.

Vikas Oberoi, chairman & managing director, Oberoi Realty, said, Indian economy has been resilient amongst the global major economies and on course to become the fourth largest in the world. Within the Indian real estate sector, the residential and commercial segments are poised to play pivotal roles.

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.

Our integrated developments will redefine the landscape of urban living and hospitality in MMR as we extend our longstanding association with Marriott International to develop hotels in Thane and Borivali. Our Grade-A offices at International Business Park witnessed sustained demand as occupiers focus on quality workspaces. We remain committed to develop our existing land parcels and explore new growth opportunities, leading to enhanced value for our stakeholders."

Meanwhile, the companys has declared 3rd interim dividend of Rs 2 per equity share in respect of the fourth quarter of the financial year 2023-2024. 23 May 2024 is the record date for the purpose of payment of the said dividend.

Further, the board of directors of the company also declared a final dividend of Rs 2 per share for the financial year 2023-24.

Furthermore, the companys board approved to raise funds through issue of non-convertible debentures (NCDs) up to an aggregate amount of Rs 2,000 crore by way of private placement, in one or more offering and tranches.

Oberoi Realty is a Mumbai based real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality and social infrastructure projects.