Oberoi Realty posts net profit of Rs 137.74 crore in second quarter

The real estate developer’s income, however, fell 36% YoY to Rs 325 crore during the September quarter in FY21, the company reported in a regulatory filing.The real estate developer’s income, however, fell 36% YoY to Rs 325 crore during the September quarter in FY21, the company reported in a regulatory filing.

Mumbai-based Oberoi Realty on Friday reported an almost flat consolidated net profit of Rs 137.74 crore on an annual basis for the July-September quarter this fiscal year against a net profit of Rs 138.07 crore in the year-ago period.

The real estate developer’s income, however, fell 36% YoY to Rs 325 crore during the September quarter in FY21, the company reported in a regulatory filing.

On a sequential basis, Oberoi Realty’s net profit for Q2FY21 rose a whopping 390% from Rs 28.07 crore in the April-June quarter of the same fiscal year. Total income, too, was up 155% QoQ from Rs 127 crore in Q1 FY21. The company’s total expenses stood at Rs 158 crore in Q2 FY21. This is against expenses of Rs 89 crore incurred in Q1 FY21 and Rs 315 crore in Q2 FY20.

“Based on current indicators of future economic conditions, the group has sufficient liquidity and expects to fully recover the carrying amount of its assets. Considering the evolving nature of the pandemic, its actual impact in future could be different from that estimated as at the date of approval of these financial results. The group will continue to monitor any material changes to future economic conditions,” the company said in the filing.

Oberoi Realty also informed that due to the lockdown enforced during the period ended September 30, 2020, mall operations of one of the subsidiary company were severely impacted. “Due to the prevailing circumstances and having regard to significant uncertainties relating to collection of rental and other amounts from lessees and the ongoing discussions with lessees, the company has not presently recognised revenue of Rs 14.12 crore and Rs 28.26 crore for the quarter and period ended September 30, 2020 in respect of contracts with its lessees in its mall,” it added.

Recently, Oberoi Realty issued non-convertible debentures (NCDs) in two tranches. On September 28, the company issued NCDs worth Rs 198 crore at a coupon rate of 7.12% payable semi-annually with a maturity of 2 years. On October 1, it again issued NCDs worth Rs 500 crore at a coupon rate of 7.85% payable semi-annually with a maturity of 5 years.

Shares of Oberoi Realty closed at Rs 389.15 a piece on Friday, up 0.52% from its previous closing.

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