Oberoi Realty Q1 Profit Soars 82% to Rs 584.51 cr

New Delhi, Jul 20 (PTI) Oberoi Realty Ltd has reported an 82 per cent increase in its consolidated net profit to Rs 584.51 crore for the first quarter of the current fiscal on higher income.

Its net profit stood at Rs 321.64 crore in the year-ago period.

The total income also rose to Rs 1,441.95 crore in the April-June period of 2024-25 from Rs 933.56 crore in the corresponding period of the previous year, according to a regulatory filing on Friday.

Vikas Oberoi, Chairman and Managing Director, Oberoi Realty, said, "India continues to be the fastest growing major economy, effectively managing global challenges by leveraging its solid economic foundations and proactive policymaking for growth".

The Indian real estate market has witnessed strong demand across various segments, solidifying its position as the preferred investment avenue, he added.

"We are pleased to announce another successful quarter, driven by healthy demand in the luxury real estate market with homeowners constantly looking to elevate their lifestyles," Oberoi said.

Oberoi Realty is gearing up for new project and tower launches, scaling up its annuity assets and strategic land acquisitions, he noted.

"We are committed to achieving sustainable growth with a focus on creating lasting value for all our stakeholders," Oberoi said.

Mumbai-based Oberoi Realty, one of the leading real estate developers in the country, is into the development of residential, office, retail and hospitality projects.

During the last 2023-24 fiscal, the company posted a net profit of Rs 1,926.60 crore over a total income of Rs 4,818.77 crore.