Oberoi Realty Q2FY23 profit increases by 19.5% to Rs 318.5cr

Oberoi Realty Q2FY23 results : Oberoi Realty Limited reported consolidated profit after tax of INR 318.53 crores for the second quarter of the fiscal year 2023 (Q2FY23), an increase of 19.5% compared to INR 266.55 crores for the same quarter of the previous fiscal year.

The Mumbai-based real estate development company said that its consolidated revenue for the reported quarter was INR 711.79 crores, an increase of 7.4% compared to INR 768.52 crores in Q2FY22.

Oberoi Realty said that the consolidated profit after tax for H1FY23 is INR 722.01 crores, an increase of 107.8% compared to INR 347.36 crores for H1FY22.

On the other hand, the consolidated revenue for H1FY23 of the Indian real estate development company is INR 1,646.6 crores, compared to INR 1,063.29 crores in H1FY22.

Vikas Oberoi — Oberoi Realty Chairman and Managing Director, commenting on Oberoi Realty Q2FY23 results, said: “India is a beacon of hope in an otherwise challenging global scenario. The real estate sector continues to outperform most sectors on account of the robust demand for homes from consumer sentiment towards home ownership and increased consumption activity.

“Our sales reflect the resilience of the Indian market and the customers’ growing desire for larger and better apartments. We are seeing very good traction in the luxury residential segment. Alongside residential, our hospitality and retail businesses have also been witnessing overwhelming footfalls and consumption.”