Oberoi Realty posts Q4 PAT of Rs 251 crore, up from Rs 156 crore y-o-y

Oberoi Realty Ltd has reported a consolidated profit after tax of Rs 251 crore in the quarter ended March as against Rs 156 crore in Q4 FY19.

The consolidated profit after tax for FY20 was Rs 689 crore compared to Rs 817 crore in FY19. Besides, the consolidated profit after tax for Q1 FY 21 was Rs 40 crore.

The company recorded consolidated revenue of Rs 626 crore for Q4 FY20 as against Rs 597 crore in Q4 FY19. For the entire fiscal, it reported consolidated revenue of Rs 2,286 crore compared to Rs 2,661 crore for FY19.

In Q1 FY21, it recorded consolidated revenue of Rs 127 crore.

"The impact of COVID-19 has been unprecedented across the globe. However, the relaxations offered by Reserve Bank of India and regulatory authorities have been valuable to both developers and home buyers," said Chairman and Managing Director Vikas Oberoi.

"We are also humbled to be a part of the on-ground effort to manage this crisis with the local bodies and doing our bit to contribute to society."

Oberoi Realty also announced that the company and Morgan Stanley have concluded the deal of leasing 1.1 million square feet at the Commerz-III building, making it one of the largest office space transactions.

"All our residential projects continue to receive inquiries from across the globe, highlighting the faith of our customers. Our offices and sites are open with necessary safety measures and we have also seen an increase in customer visits post relaxations in lockdown."

The company said its focus is to continue to progress forward to achieve construction milestones and honour committed timelines.

"We believe that the real estate sector will continue to undergo consolidation across all segments, hence only strong and reputed brands like us with a strong track record will be able to outperform," it said in a statement.

( With inputs from ANI )