Real estate developer Oberoi Realty has reported a 60% jump in its net profit to Rs 137.36 crore for the first quarter of FY 2010-12 as against Rs 85.82 crore in the same period last year. The company posted a 29.72 per cent increase in total revenues at Rs 215.07 in the quarter under review as compared to Rs 165.79 crore in the year-ago period.
Mr. Vikas Oberoi Chairman of Oberoi Realty said "We are pleased with our results for the quarter. Though the overall market conditions are tough, we continue to do well and sell at a consistent pace. The revenue recognition from our various residential and commercial properties in the quarter have aided in growth in our top line and bottom line,"
The projects, including Oberoi Exquisite, Splendor and Splendor Grande, have contributed to the total sales, while the rentals from the commercial properties such as Hotel Westin, Oberoi Mall and Commerz, have aided growth in operating revenue in the quarter.
"Our housing project Oberoi Esquire at Goregaon (Mumbai) has not started recognising revenue in this quarter but we believe it will be a major contributor to our revenues in the next few quarters. Similarly, the Exquisite and Splendor will continue to contribute to our revenues. With a healthy balance sheet and cash on hand, we are strongly poised and intend to use this of opportunity to acquire land at the right price for our future projects" Mr. Vikas Oberoi also said.
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Mr. Vikas Oberoi Chairman of Oberoi Realty said "We are pleased with our results for the quarter. Though the overall market conditions are tough, we continue to do well and sell at a consistent pace. The revenue recognition from our various residential and commercial properties in the quarter have aided in growth in our top line and bottom line,"
The projects, including Oberoi Exquisite, Splendor and Splendor Grande, have contributed to the total sales, while the rentals from the commercial properties such as Hotel Westin, Oberoi Mall and Commerz, have aided growth in operating revenue in the quarter.
"Our housing project Oberoi Esquire at Goregaon (Mumbai) has not started recognising revenue in this quarter but we believe it will be a major contributor to our revenues in the next few quarters. Similarly, the Exquisite and Splendor will continue to contribute to our revenues. With a healthy balance sheet and cash on hand, we are strongly poised and intend to use this of opportunity to acquire land at the right price for our future projects" Mr. Vikas Oberoi also said.
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