Oberoi Realty shares fall nearly 7% after plunge in Q4 net

Shares of Oberoi Realty fell by nearly 7% after the company reported a 37% plunge in consolidated net profit for March quarter.

The stock declined by 6.64% to Rs 261.20 at the National Stock Exchange (NSE). On BSE, it slumped 6.38% to Rs 261.50.

At 1131 hours, the company’s shares were dealing at Rs 267.65, down Rs 11.70 or 4.19% on the BSE. At the National Stock Exchange, the stock was dealing at Rs 268.20, down Rs 11.60 or 4.15%.

Oberoi Realty on Friday reported a 37% plunge in consolidated net profit to Rs 64.55 crore for March quarter due to lower sales.

It had posted a net profit of Rs 103.02 crore in the year-ago period.

Income from operations fell by 34% to Rs 226.72 crore in January-March as against Rs 344.71 crore in the corresponding quarter of the previous year, the Mumbai-based developer had said in a regulatory filing.

For the full fiscal, Oberoi Realty's net profit rose by 34% to Rs 425.91 crore compared with Rs 317.12 crore a
year ago.

Income from operations grew by 53% to Rs 1,408.09 crore from Rs 922.67 crore in 2014-15.