Leading real estate developer Oberoi Realty Ltd has reported a sharp fall of 60 per cent in its consolidated net profit after taxes (PAT) at 84.92 crore for the third quarter ended December 31, 2016, weighed down by decline in sales against the backdrop of demonetisation.
“The consolidated net profit of the company stood at Rs 212.34 crore during the same period a year ago,” said Oberoi Realty Ltd in a filing to the Bombay Stock Exchange.
Further, the consolidated total income of the company too dropped by 66.7 per cent at Rs 264.85 crore during Q3 2016-17, as compared to Rs 794.63 crore during the same period last year.
Commenting on the performance, Oberoi Realty Ltd, Chairman & MD, Vikas Oberoi said, “2016 came to an eventful close with the move of demonetisation which will help clean up the entire system and improve India’s image, thereby attracting more foreign investment.”
“This initiative will create a level playing field for us by removing the unfair advantage that certain unscrupulous players enjoyed. While initially demonetisation had its short- term consequences, we are confident that the sales volume will be more than restored in coming quarters of 2017,” he added.
Meanwhile, shares of the company were trading at Rs 308.10 apiece, down 0.53 per cent, from previous close on BSE at 12:33 hours.