Oberoi Realty witnessed a significant setback as its shares tumbled nearly 9 percent during early trade on January 23. The Mumbai-based real estate developer reported a substantial 49 percent year-on-year decline in net profit for the quarter ending December 31, 2023.
The net profit for the October–December period of FY24 stood at Rs 360 crore, a sharp drop from Rs 702.57 crore recorded a year ago. This downturn in profits is attributed to weakened topline and operating figures. Revenue from operations also saw a substantial on-year decline of 35.3 percent, reaching Rs 1,054 crore during the quarter.
As of 10:40 am, Oberoi Realty shares were trading at ₹1,383.00 on the NSE, marking an 8.06% decrease compared to the closing price of the previous session. The market’s reaction underscores the impact of the company’s Q3 financial performance on investor sentiment.
