Oberoi Realty Q3 net up 35% at Rs 185 cr

Mumbai: Oberoi Realty today posted 34.85 percent increase in net profit to Rs 185.39 crore for the quarter ended December 31.

The real estate developer had posted a net profit of Rs 137.48 crore in the year-ago period. The total revenues for the period stood at Rs 308.03 crore, a 41.73 percent increase, as compared to Rs 217.34 crore in the corresponding period last year.

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"There continues to be demand of quality projects by reputed developers at the right price. We have managed to keep our order book robust and our steady growth is a reflection of the confidence that our stakeholders have in Oberoi Realty," Oberoi Realty Chairman and Managing Director Vikas Oberoi said in a statement.

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He said they continue to be financially prudent and explore the right opportunities to acquire land that make business sense for the company. The Oberoi Mall contributed Rs 20.23 crore to the operating revenue for the period as against Rs 19.70 crore in Q3, FY12, while the Commerz contributed Rs 11.45 crore as against Rs 10.73 crore.

Oberoi's Westin Mumbai Garden City contributed Rs 26.86 crore to the operating revenue for the quarter as against Rs 25 crore in the year-ago period.

PTI