New Delhi, Jan 31 (PTI) Oberoi Realty Ltd today reported 42 per cent increase in its consolidated net profit at Rs 120.19 crore for the quarter ending December. Also Read - Mumbai Local Train Latest Updates: Is Maharashtra Govt Planning to Restrict General Public From Boarding Local Trains?

Its net profit stood at Rs 84.72 crore in the year-ago period, the Mumbai-based developer said in a statement. Also Read - Majboori is Something: CM Thackeray Hints at Re-imposing Lockdown in Maharashtra; Read His Full Statement

The consolidated revenue also went up to Rs 360.36 crore for the third quarter of this fiscal from Rs 264.65 crore in the corresponding period of the previous year. Also Read - Coronavirus Travel Guidelines: This State Mandates Week-Long Home Isolation For People Coming From Maharashtra, Kerala, MP, Punjab and Chhattisgarh | Key Points

During April-December period of 2017-18 fiscal, revenues rose to Rs 939.17 crore as against Rs 859.02 crore in the corresponding nine-month of the previous fiscal.

Net profit increased to Rs 315.88 crore in the first nine months of this fiscal from Rs 276.78 crore in the year ago period.

Commenting on the results, company’s CMD Vikas Oberoi said, “2017 was the year of formalisation of the Indian economy with key reforms such as demonetisation, GST and RERA being implemented.”

“We are optimistic that these initiatives and the upcoming budget will boost the economy and further improve customer confidence and market sentiment,” he said.

With Maharashtra being at the forefront of implementation of RERA coupled with a strong focus on Mumbai’s infrastructure, Oberoi said the company is confident that the city will witness an increase in demand.

This is published unedited from the PTI feed.