• Sales of Real Estate segment has gone down 0.88% to Rs 870.54 crore (accounting for 95.67% of total sales).  Sales of Hospitality segment has gone up 13.27% to Rs 39.43 crore (accounting for 4.33% of total sales).  
• Profit before interest, tax and other unallocable items (PBIT) has slumped 3.28% to Rs 468.60 crore.  PBIT of Real Estate segment fell 3.54% to Rs 455.23 crore (accounting for 97.15% of total PBIT).  PBIT of Hospitality segment rose 6.79% to Rs 13.37 crore (accounting for 2.85% of total PBIT).  
• PBIT margin of Real Estate segment fell from 53.74% to 52.29%.  PBIT margin of Hospitality segment fell from 35.97% to 33.91%.  Overall PBIT margin fell from 53.06% to 51.50%.  

Management Comment

Commenting on the Q1FY24 results, Vikas Oberoi, Chairman and Managing Director, Oberoi Realty said, “Despite international volatility, India’s economy continues to maintain its upward momentum on account of increased demand and infrastructure creation. All verticals in the real estate industry have also been a huge beneficiary of this economic growth, especially the demand for premium housing. On the back of this rising customer demand, coupled with the upcoming festive period, we are confident that the demand for quality housing by reputed brands having a proven track record will continue to sustain. With our calibrated and clear strategy to create long-term value for all our stakeholders, we continue to drive significant value to our portfolio across segments.”

Merger update

As approved by the Board of Directors at its Meeting held on August 9, 2022,   Incline Realty Private Limited (“IRPL” or “Transferor Company 4”) T shall not be part of the Scheme due to commercial reasons.  Hence the revised merger scheme was approved by the BOD on its meeting on July 31, 2023. 

Board of Directors of Oberoi Realty Limited (“Board”) at its board meeting held at Mumbai, today, i.e., July 31, 2023 has approved the Revised Scheme of Amalgamation of Oberoi Constructions Limited (“OCL” or “Transferor Company 1”) and Oberoi Mall Limited (“OML” or “Transferor Company 2”) and Evenstar Hotels Private Limited (“EHPL” or “Transferor Company 3”) with Oberoi Realty Limited (“ORL” or “Transferee Company”) and their respective shareholders, as may be modified from time to time, pursuant to the provisions of Sections 230 to 232 and other applicable sections of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013, and subject to the requisite approvals and sanction of the jurisdictional bench of National Company Law Tribunal (“NCLT”) and subject to the approval of shareholders and / or creditors of the Company (if require), Central Government, or such other competent authority as may be directed by the NCLT.

Promoters’ stake was 67.70% as of 30 June 2023 ,compared to 67.70% as of 30 June 2022 .