Oberoi Realty rises and falls

Oberoi Realty posted a set of stellar numbers for Q3FY16. The company posted a 2.6 times jump in consolidated net profit to Rs 209 crore for the quarter on the back of higher sales.  Total income was up over 3.5 times at Rs.790 crore. EBITDA for the quarter was up 2.6 times at Rs.328 crore.

This spectacular numbers were on account of sale of 645 housing units for about Rs 1,775 crore during Q3, mainly in its newly-launched residential project at Borivali in Mumbai.

The company launched three towers on October 30, 2015 and 619 units were booked, value at about Rs.1,567 crore till December 31, 2015. It launched its 4th tower launched on 15th January, 2016 and work has begun on the site.

The company expects to earn a revenue of Rs 10,000 crore from this 25-acre project comprising 10 towers of 60 storeys each.

The stock price, intra day rose 6% to Rs.265 but after that it slumped and is now in the red, down over 2% at Rs.245.