Oberoi Realty hits a new high

Oberoi Realty is the top gainer on the BSE, hitting a new 52-week high at Rs.322.40, with volumes spiking up 7 times.

The market is thrilled with the company’s Q1FY17 performance with consolidated net profit coming in at Rs.109 crore, up 33% (YoY) on a total income of Rs.330 crore, up by a whopping 51%.

The good news is that it has a robust order book, which came in at Rs 3,993 crore as against Rs 2,705 crore at the end of Q1FY16. The  total area booked was 1.47 lakh square feet in Q1FY17 v/s 0.81 lakh square feet in Q1FY16.

Commenting on the results, Mr. Vikas Oberoi, Chairman & Managing Director, Oberoi Realty Limited said, “Major policy and process changes along with the government’s Ease"of"Doing"Business initiative and focus on fast"tracking of the approval process, have brought in fresh optimism to the markets and have been major enablers for the sector. The long pending clearance of GST coupled with an excellent monsoon this year will bring a positive outlook for the entire Indian economy. Our existing developments will gain additional connectivity with the construction of further Metro lines across the western and the central corridor. With these encouraging propositions and a healthy project pipeline across key locations in Mumbai, we will continue to focus on creating value for our customers and other stakeholders in the future.”