October 21, 2020

Oberoi Realty Q1 outcomes: Internet revenue drops 82% to Rs 28 crore

New Delhi: Oberoi Realty on Tuesday reported a 82 per cent decline in its consolidated web revenue at Rs 28.07 crore for the quarter ended June.

Its web revenue stood at Rs 152.07 crore within the year-ago interval, the Mumbai-based realty agency stated in a regulatory submitting.

Whole earnings additionally declined to Rs 126.86 crore within the first quarter of ongoing fiscal from Rs 618.10 crore within the corresponding interval of the earlier 12 months.

“The Group’s operations have been impacted by the COVID-19 pandemic,” the corporate stated.

It stated the mall operations of firm’s subsidiary have been severely impacted because of the coronavirus-induced lockdown in June quarter.

“Because of the prevailing circumstances, and having regard to vital uncertainties referring to assortment of rental and different quantities from lessees and the continued discussions with lessees, the corporate has not presently acknowledged income of Rs 3,317 lakh for the quarter ended June 30, 2020 in respect of contracts with its lessees in its mall,” the submitting stated.

The corporate’s board additionally handed enabling resolutions for concern of non-convertible debentures as much as Rs 1,500 crore by the use of personal placement in addition to concern of fairness shares and/or every other securities convertible into fairness for an mixture quantity not exceeding Rs 2,000 crore by the use of certified establishments placement to certified institutional consumers.

“The board of administrators haven’t advisable any dividend on fairness shares of firm for the monetary 12 months ended March 31, 2020,” the submitting stated.