Oberoi Realty said second-quarter profit rose 17 percent as sales growth beat analysts’ estimates.
Net income increased to Rs.1.11 billion ($22.6 million) in the quarter ended Sept. 30, from Rs.955 million in the same period a year earlier, according to a company statement.
Sales climbed 31 percent to Rs.2.2 billion, higher than the Rs.1.73 billion estimate.
Oberoi Realty, backed by Morgan Stanley (MS), raised Rs.10.3 billion after selling shares at Rs.260 each in an initial public offering in October last year.
Shares of Mumbai-based Oberoi fell 2.3 percent to Rs.225.45 in Mumbai trading Oct. 14 before the earnings were announced.
