New Delhi: Oberoi Realty today reported a 17% increase in its consolidated net profit to Rs 111.44 crore for the quarter ended 30 September , 2011, on the back of higher sales.
The company had posted a net profit of Rs 95.51 crore for the year-ago period.
The Mumbai-based developer registered 45% growth in consolidated revenue to Rs 256.88 crore in the second quarter this fiscal, as against Rs 177.11 crore in the corresponding period of the 2010-11 fiscal, the company said in a statement.
Oberoi Realty chairman and managing director Vikas Oberoi . Bloomberg.
Commenting on the results, Oberoi Realty chairman and managing director Vikas Oberoi said: “The company has witnessed consistent momentum in sales in the past six months despite the tough market conditions. Going forward, we expect the momentum to continue and grow.”
Oberoi said the company is sitting on surplus cash, which will be utilised to buy land.
“We are confident that with cash on hand, we will continue to be well-placed to acquire more land parcels,” he said.
For the half year ended 30 September , the company’s consolidated net profit increased by 24% to Rs 217.21 crore from Rs 175.30 crore in the year-ago period.
Its consolidated revenue grew by 38% to Rs 471.95 crore in the first half of this fiscal from Rs 342.90 crore in the corresponding period of the 2010-11 fiscal.