Oberoi Realty Q4 Profit Soars 64% to Rs 788 Cr, Plans Rs 4,000 Cr Fundraise

New Delhi, May 15 (PTI) Oberoi Realty has posted 64 per cent increase in consolidated net profit at Rs 788.03 crore for March quarter FY24 and announced plans to raise up to Rs 4,000 crore through issuance of equity shares and non-convertible debentures.

Its net profit stood at Rs 480.29 crore in the year-ago period.

Total income rose to Rs 1,558.56 crore in the quarter from Rs 995.11 crore in the year-ago period, according to a regulatory filing on Tuesday.

During 2023-24, the company's net profit increased to Rs 1,926.60 crore from Rs 1,904.54 crore in the preceding year.

Total income rose to Rs 4,818.77 crore in the last fiscal from Rs 4,293.20 crore in 2022-23.

Oberoi Realty is one of the leading developers in the country.

“The Indian economy has been resilient amongst the global major economies and on course to become the fourth largest in the world. Within the Indian real estate sector, the residential and commercial segments are poised to play pivotal roles," CMD Vikas Oberoi said.

The residential sector continues to witness significant sales traction driven by end-user demand and a rising desire for homeownership, he said.

The board has passed a resolution for issuance of non-convertible debentures up to an aggregate amount of Rs 2,000 crore by way of private placement, in one or more tranche.

It also passed a resolution for issuance of equity shares or securities for an aggregate amount of up to Rs 2,000 crore by way of one or more qualified institutions placement, public and/or private offerings.