The real estate sector continues to outperform most sectors due to consumer sentiment towards home ownership, said Vikas Oberoi, CMD Oberoi Realty

MUMBAI, Oct 14 (The CONNECT) – The real estate sector continues to outperform most sectors on account of the robust demand for homes from consumer sentiment towards home ownership and increased consumption activity, said Vikas Oberoi, Chairman & Managing Director, Oberoi Realty, said. "India is a beacon of hope in an otherwise challenging global scenario,” Oberoi said releasing the half year performance results of his company for FY23.

Oberoi Realty has recorded Consolidated Revenue of Rs. 1,646.60 crore for H1FY23 as against Rs. 1,063.29 crore for H1FY22. Further the Consolidated Revenue for Q2FY23 was Rs. 711.79 crore as against Rs. 768.52 crore for Q2FY22.

Oberoi said “Our sales reflect the resilience of the Indian market and the customers' growing desire for larger and better apartments”.

He said “We are seeing very good traction in the luxury residential segment. Alongside residential, our hospitality and retail businesses have also been witnessing overwhelming footfalls and consumption."

The Consolidated Profit Before Tax was Rs. 904.64 crore for H1FY23 as against Rs. 471.57 crore for H1FY22. Further the Consolidated Profit Before Tax for Q2FY23 was Rs. 387.86 crore as against Rs. 361.94 crore for Q2FY22.

The Consolidated Profit After Tax was Rs. 722.01 crore for H1FY23 as against Rs. 347.36 crore for H1FY22. Further the Consolidated Profit After Tax for Q2FY23 was Rs. 318.53 crore as against Rs. 266.55 crore for Q2FY22.