Oberoi Realty Q2 Revenue Falls To Rs 505 Crore
The consolidated profit after tax also fell to Rs 138 crore as against Rs 152 crore in the preceding quarter.
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Oberoi Realty Ltd has recorded a consolidated revenue of Rs 505 crore during the second quarter of current fiscal as against Rs 618 crore in Q1 FY20.
The consolidated profit before tax was Rs 192 crore as against Rs 216 crore for Q1 FY20. The consolidated profit after tax also fell to Rs 138 crore as against Rs 152 crore in the preceding quarter. The current sentiment in real estate sector across the country has plummeted in recent years despite a slew of measures by the government and the Reserve Bank of India (RBI) to boost liquidity and revive demand.
"In the last quarter, the Modi 2.0 government has taken a series of significant measures to boost the economy such as incentives for affordable housing, interest rate reduction and a corporate tax cut," said Chairman and Managing Director Vikas Oberoi.
"We are confident that the government will continue to take similar requisite steps for the real estate sector to accelerate growth and the economy. Corporate India is also doing its best in creating an environment of confidence among all stakeholders," he said in a statement.
Oberoi Realty focuses on premium developments in the residential, office space, retail, hospitality and social infrastructure verticals.