Oberoi Realty hits 52-week high on robust Q1 results

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Oberoi Realty has surged 8% to Rs 322, also its 52-week high on the BSE in early morning trade, after the company reported 32% year on year jump in consolidated net profit at Rs 107 crore for the quarter ended June 30, 2016 (Q1FY17). The Mumbai-based real estate developer had registered a profit of Rs 81 crore in the same period last year.

The company has recorded consolidated revenue of Rs 330 crore for Q1 FY17 as against Rs 219 crore for Q1, FY16.

Analysts on an average expected net profit of Rs 84 crore on revenues of Rs 273 crore.

Oberoi Realty said that the order book stands at Rs 3,993 crore, a 48% higher as compared to Rs 2,705 crore at the end of first quarter of last fiscal.

The aggregate area booked during April-June quarter of this fiscal stood at 1.47 lakh sq ft as against 0.81 lakh sq ft booked in the corresponding period of the previous year, it added.

At 09:47 am, the stock was up 6% at Rs 315 on the BSE, as compared to 0.1% decline in the S&P BSE Sensex. A combined 366,138 shares changed hands on the counter on the NSE and BSE so far.