Consolidated net sales declined marginally to Rs 183.9 crore from Rs 185.5 crore during the same period due to lower sales in real estate business (that dipped to Rs 156.5 crore from Rs 162.4 crore Y-o-Y).
Mumbai-based Oberoi Realty 's second quarter consolidated net profit grew by 10 percent year-on-year to Rs 70.5 crore led by lower operating cost despite lower other income and higher interest and tax cost. Profit in the year-ago period was Rs 64.1 crore.
Consolidated net sales declined marginally to Rs 183.9 crore from Rs 185.5 crore during the same period due to lower sales in real estate business (that dipped to Rs 156.5 crore from Rs 162.4 crore Y-o-Y). Hospitality business revenue increased to Rs 29 crore from Rs 26.6 crore year-on-year.
Operating cost in second quarter of current financial year stood at Rs 51.31 crore, dropped 39 percent compared to Rs 84.46 crore in corresponding quarter of last fiscal.
Other income declined sharply to Rs 3.85 crore from Rs 12.71 crore while interest cost increased to Rs 1.64 crore from Rs 9 lakh and tax expenses rose to Rs 33.6 crore from Rs 27.8 crore during the same period.
Long term borrowings of the real estate firm stood at Rs 712.50 crore at the end of September quarter of 2014, increased significantly compared to Rs 75 crore at the of March 2014.
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