(Corrects to show company is second-largest developer in first paragraph.)
Oct. 16 (Bloomberg) -- Oberoi Realty Ltd., India’s second- largest real estate developer, said second-quarter profit rose 17 percent as sales growth beat analysts’ estimates.
Net income increased to 1.11 billion rupees ($22.6 million) in the quarter ended Sept. 30, from 955 million rupees in the same period a year earlier, according to an e-mailed statement yesterday. That was in line with the 1 billion rupee median estimate of analysts in a Bloomberg News survey. Sales climbed 31 percent to 2.2 billion rupees, higher than the 1.73 billion rupee estimate.
Oberoi Realty, backed by Morgan Stanley, raised 10.3 billion rupees after selling shares at 260 rupees each in an initial public offering in October last year.
Shares of Mumbai-based Oberoi fell 2.3 percent to 225.45 rupees in Mumbai trading Oct. 14 before the earnings were announced.
--With assistance from Malavika Sharma in New Delhi. Editor: Nicholas Wadhams, Jim McDonald
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