Oberoi Realty's Q1FY24 earnings fell by 20%

For the first quarter of FY24, Oberoi Realty's net profit fell by 20.35% YoY to Rs 321.36 crore.

The company's operating revenue remained unchanged at Rs 910 crore, down just 0.32%. The same-period operating profit margins fell 200 basis points YoY to 52%.

The real estate developer's segment-wise revenue from projects, which is its main source of revenue, fell by 7.41% to Rs 715.22 crore. According to reports, the hospitality sector's earnings increased by 13.35% to Rs 39.22 crore.

Real estate development company, Oberoi Realty is based primarily in Mumbai. Development and construction of properties with residential, commercial, and mixed-use properties are the company's primary business activities. There are 43 completed projects across Mumbai, aggregating 9.34 million square feet. The company also manages the luxurious Westin Garden City Hotel in Mumbai.

Source: Media Reports