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Oberoi Realty’s profit up 94% to Rs 266.59 crore in Q2 FY22, Real Estate News, ET RealEstate

Oberoi Realty's profit up 94% to Rs 266.59 crore in Q2 FY22, Real Estate News, ET RealEstate
NEW DELHI: Oberoi Realty has recorded a growth of 94 per cent in its net consolidated profit during the quarter ended September 2021. Its profit after tax (PAT) stood at Rs 266.59 crore in Q2 FY22 as against Rs 137.74 crore it registered in the corresponding quarter previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 768.52 crore in Q2 FY22, a growth of 136 per cent from Rs 325.28 crore it registered in the similar quarter last year.

The non-convertible debentures of the company aggregates to Rs 170 crore as on September 30, 2021. The said debentures are secured by (i) mortgage of the unsold identified residential units (inventories). (ii) charge on receivables from certain identified residential units, and the escrow account into which such receivables are deposited from the sale of flats, the company said in the regulatory filing.

During the quarter ended September 30, 2021, the company, in exercise of the option available to it under the terms of the issue, had redeemed an amount of Rs 150 crore from the debenture mentioned above, by way of face value reduction, the company said in the regulatory filing.

The mall operations of the subsidiary company were significantly impacted during the period ended September 30, 2021 on account of the Covid pandemic. In accordance with the directives issued by the local authorities, the mall recommenced operations on August 24, 2021. However, having regard to uncertainties relating to collection of rental and other amounts from lessees and the ongoing discussions with them, the company has not presently recognised revenue of Rs 28.25 crore and Rs 57.24 crore for the quarter and period ended September 30, 2021 in respect of contracts with its lessees in its mall, the company said in the regulatory filing.


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