Oberoi Realty's Profit Soars 72% Amid Strong Luxury Real Estate Demand

Oberoi Realty Ltd reported a 72% increase in net profit to Rs 618.38 crore for the December quarter, driven by augmented income. Chairman Vikas Oberoi attributed growth to the expanding Indian economy and strong demand in the luxury real estate market. The company eyes long-term profitable growth.

Oberoi Realty Ltd has reported a remarkable 72% surge in its consolidated net profit, reaching Rs 618.38 crore in the December quarter due to heightened income.

The Chennai-based firm's profit was Rs 360.15 crore in the same quarter the previous year, according to a recent regulatory filing. Moreover, the company's total income climbed to Rs 1,460.27 crore from Rs 1,082.85 crore year-on-year. In the first nine months of this fiscal year, Oberoi Realty's net profit moved up to Rs 1,793.34 crore from Rs 1,138.58 crore in the comparable period last year.

Chairman and Managing Director, Vikas Oberoi, highlighted the sustained growth of the Indian economy across sectors, specifically emphasizing the luxury real estate market as a primary beneficiary. He expressed confidence in meeting rising demand through strategic land acquisitions and a robust portfolio of upcoming projects, aiming to ensure long-term profitable growth for Oberoi Realty.

(With inputs from agencies.)