- Oberoi Realty, based in Mumbai, has recorded a 48.7% reduction in its net profit for the third quarter compared to last year.
- Revenue during the same period also fell, totalling Rs 1,082.85 crore.
- Despite the disappointing financial results, a new tower in Oberoi Realty’s Elysian project at Oberoi Garden City has been well received, yielding reservations worth roughly Rs 882 crore.
Financial Performance of Oberoi Realty in Q3
Oberoi Realty, a renowned real estate firm based in Mumbai, has announced a net profit decline of 48.7% for the third quarter compared to the preceding year. The developer registered a net profit of Rs 360.15 crore for this period, falling short of last year’s records. Correspondingly, the revenue for this same period has dipped, with a total earning of Rs 1,082.85 crore.
The Elysian Project: A Silver Lining?
Amidst the not-so-encouraging financial results, Oberoi Realty initiated a new tower in its Elysian project situated at Oberoi Garden City. This move has been positively received, with secured bookings valued at approximately Rs 882 crore, indicating a potential recovery trend.
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In the realm of forex and trading, these developments within Oberoi Realty could offer potential fluctuations in real estate asset values, providing new opportunities for investors. However, the impact will largely depend on the company’s future financial performance and market reactions.