Oberoi Realty’s Q4 profit jumps 40% to Rs142.92 crore
Mumbai: Oberoi Realty Ltd (ORL), India’s second largest builder by market value, on Tuesday posted a 40% jump in fourth-quarter net profit to Rs142.92 crore, helped by strong revenue growth.
In a filing with the BSE, the Mumbai-based firm said total income increased 16.7% to Rs352.84 crore in the quarter ended 31 March, from the same period last year. Revenue from operations stood at Rs344.97 crore, up 19% from Rs 289.56 crore a year earlier.
For the year ended 31 March, net profit stood at Rs458.80 crore, up 21% from Rs378.59 crore a year earlier. Total income rose 11% to Rs1,292 crore for the last financial year.
Oberoi Realty said its board of directors passed a resolution to raise Rs1,500 crore through issue of non-convertible debentures via “private placement, in one or more oftering(s) and/or tranches(s).”
The board also passed a resolution to issue equity worth up to Rs2,000 crore “by way of one or more qualified institutions placement to qualified institutional buyers,” the company said in the filing.
Shares of ORL were down 2.06% at Rs567.35 per share while the Sensex rose 0.48% to 34,616.64 from its previous close.