EconomyReal estate
DLF's profit rises 10% to ₹1,301 crore; Oberoi Realty's barely moves
The two listed property developers reported their September-quarter numbers on Friday. Oberoi's revenue fell 6% from a year earlier but its profit jumped 40% from the June quarter.
Key points
- DLF's consolidated net profit rose about 10% to ₹1,301.35 crore.
- Oberoi Realty earned ₹761.65 crore, up just 0.2% from a year ago.
- Oberoi's revenue from operations fell 6.1% to ₹1,670.95 crore.
Gurugram-based DLF reported a 10% rise in quarterly profit on Friday, while Mumbai’s Oberoi Realty posted profit that was almost unchanged from a year ago.
DLF’s consolidated net profit for the three months to September was ₹1,301.35 crore, up from ₹1,180.09 crore in the same quarter last year, according to its filing with the stock exchanges. Total income, which includes other income besides sales, rose to ₹2,297.30 crore from ₹2,261.80 crore, a gain of about 1.6%, so profit grew much faster than income.
Oberoi’s revenue slips
Oberoi Realty’s consolidated net profit was ₹761.65 crore, a 0.2% rise from ₹760.26 crore a year earlier. Compared with the June quarter, when it earned ₹543.51 crore, profit was up 40.1%.
Revenue from operations fell 6.1% to ₹1,670.95 crore from ₹1,779.04 crore. Real estate brought in ₹1,625.34 crore and the company’s hotels ₹45.61 crore.
The company noted that the nature of real estate accounting can make one reporting period hard to compare with another, which is why developers’ quarterly numbers often swing sharply.
Property shares were among the weaker parts of the market on Friday. The Nifty Realty index slipped 0.33% while the Nifty 50 rose 0.65%.