Oberoi Realty Q1 net profit down by 50% at INR 152 crore

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Revenue for Q1FY20 at Rs. 618.10 crore as against Rs. 597.30 crore for Q4FY19.

Oberoi Realty Limited, headquartered in Mumbai, announced its results for the first quarter of FY20. The company has recorded Consolidated Revenues of Rs. 618.10 crore for Q1FY20 as against Rs. 597.30 crore for Q4FY19 and Rs. 895.38 crore for Q1FY19.

The Consolidated Profit Before Tax for Q1FY20 was Rs. 216.32 crore as against Rs.220.12 crore for Q4FY19 and Rs. 454.39 crore for Q1FY19.

The Consolidated Profit After Tax for Q1FY20 was Rs. 152.13 crore as against Rs. 155.98 crore for Q4FY19 and Rs. 309.65 crore for Q1FY19.

Highlights of Consolidated Financial results for Q1FY20

• Revenue for Q1FY20 at Rs. 618.10 crore as against Rs. 597.30 crore for Q4FY19 and EBITDA at Rs. 250.06 crore for Q1FY20 as against Rs.233.52 crore for Q4FY19

• Profit Before Tax (PBT) for Q1FY20 at 216.32 crore as against Rs. 220.12 crore for Q4FY19 and Profit After Tax (PAT) for Q1FY20 at Rs. 152.13 crore as against Rs. 155.98 crore for Q4FY19

• Total area booked for Q1FY20 was 2.40 lakh sq. ft. as against 1.45 lakh sq. ft. booked in Q4FY19 and the total value was Rs.401.10 crore for Q1FY20 as against Rs. 319.14 crore for Q4FY19

Commenting on the Q1FY20 results, Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said “The last quarter saw the appointment of the new government that had brought in ground-breaking reforms in its earlier term, to be once again back at the helm with an emphatic mandate. The country has already gained from PM Modi’s ‘minimum government, maximum governance’ agenda. His earlier reforms like GST, RERA, insolvency code and all other similar initiatives have already put the country on the growth path.

The government recently presented the Union Budget 2019-20, which was a balanced mix of reforms to encourage growth and schemes to promote welfare. The move to allow FIIs to invest in NBFC-issued debt securities deserves credit. We also believe that the recent advisory on subvention plans will accelerate consolidation in the sector and only developers with prudent financial management and a proven track record will survive.

At Oberoi Realty, our ability to adapt to market sentiments has ensured our sales volume remain steady. Customer centricity and focus on delivery remain the core focus of our business and we continue to strive to better ourselves to enhance value for all our shareholders.”