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    Oberoi Realty tumbles over 7% following Q2 results

    Synopsis

    As compared with the first quarter of FY23, the company's net profit and revenue were lower by 20.95% and 24.59%, respectively. EBITDA was at Rs 333.64 crore for the second quarter of FY23 as compared with Rs 513.87 crore for the first quarter of FY23.

    Oberoi Realty tumbles over 7% following Q2 results
    Shares of real estate company Oberoi Realty tumbled 7% to Rs 834 in Monday’s intraday trade after the total income of the company declined to Rs 711.79 crore in the second quarter of this fiscal year from Rs 768.52 crore in the corresponding period last year.

    The company on Friday reported a 19.5% rise in consolidated net profit to Rs 319 crore despite a 9% decline in revenue from operations to Rs 688.59 crore in Q2 FY23 over Q2 FY22.

    As compared with the first quarter of FY23, the company's net profit and revenue were lower by 20.95% and 24.59%, respectively. EBITDA was at Rs 333.64 crore for the second quarter of FY23 as compared with Rs 513.87 crore for the first quarter of FY23.

    Commenting on the Q2FY23 results, Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, said, "India is a beacon of hope in an otherwise challenging global scenario. The real estate sector continues to outperform most sectors on account of the robust demand for homes from consumer sentiment towards home ownership and increased consumption activity.”

    “Our sales reflect the resilience of the Indian market and the customers' growing desire for larger and better apartments. We are seeing very good traction in the luxury residential segment. Alongside residential, our hospitality and retail businesses have also been witnessing overwhelming footfalls and consumption," he added.

    The brokerage firm ICICI Direct has an add rating on Oberoi Realty with a target price of Rs 988, implying a 14% upside potential from the current market price of Rs 850. The time period given by the analyst is one year when the company can reach the defined target price.

    At 12:57 pm, the scrip was trading 6% lower at Rs 850 over its previous day’s closing price of Rs 900 apiece. The stock has fallen nearly 15% in the last six months while it has declined 12% in the past one year.

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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