Mumbai-based developer Oberoi Realty’s net profit for the quarter ended March 2014 slid 47 per cent to ₹77.03 crore from ₹145.17 crore in the year ago period. The quarter witnessed no new launches, a slowdown in the broader market that continued to affect pre-sales and lower revenue recognition from its realty projects.

The total area booked for Q4  of FY14 was 0.48 lakh sq ft as against 1.18 lakh sq ft sold in Q4FY13. The total value was ₹112.17 crore for Q4FY14 as against ₹222.66 crore for Q4FY13. On a full year basis, its total area booked declined to 2.88 lakh sq ft in FY14 as against 4.96 lakh sqft sold in FY13 while total value also declined to ₹693 crore for FY14 as against ₹ 868.69 crore for FY13.

The company’s revenues for the fourth quarter stood at ₹220 crore, against ₹303 crore in the year-ago period. For fiscal year 2013-14, the company’s net profits slipped 38 per cent to ₹311 crore against ₹504 crore in FY 13. 

The company has recommended a dividend of ₹2 for each equity share, that is, 20 per cent of the face value of the share, for the financial year ended March 31, 2014.   Vikas Oberoi, Chairman and Managing Director, Oberoi Realty said: “Three key developments in the last few months – clearance by the Supreme Court of the land in Mulund, the appointment of The Ritz-Carlton as the hospitality partner for the Worli development, and the acquisition of the land in Borivali – have placed us in a unique position to capitalise on the changing market sentiments due to expected political stability in the Centre.”

The company recently won the bid for a 25-acre land parcel in Mumbai’s Borivali area for ₹1,155 crore and plans to build a premium residential housing project there once it receives the requisite approvals.

The company scrip closed at ₹203, down two per cent, or 4 points, from its previous close on the BSE.

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