Pandemic shaves off 20% headcount of Oberoi Realty last fiscal

New Delhi: Mumbai-based Oberoi Realty’s permanent employees count stood at 636 at the end of last fiscal ended 31 March 2021 as compared to 792 at the end of the previous financial year, registering a decline of around 20 percent. If a comparison is made from 2013-14 figures, the number has been reduced by 31 percent as the company had 928 employees at the end of that fiscal, according to the Annual Reports of the company. 

Interestingly, the percentage hike in the median remuneration of the employees of the company was 5.26 percent and 0.88 percent in last fiscal and the previous fiscal respectively, translating into around 6 percent hike in the last two fiscals. However, the percentage increase in the managerial remuneration (remuneration of key managerial personnel like directors, CFO, CEO, Company Secretary etc) was 3.69 percent and 53.89 percent in the last fiscal and the previous fiscal respectively. The justification for 53.89 percent jump in managerial remuneration for 2019-2020 fiscal given by the company was a performance incentive paid to the Director – Finance cum Chief Financial Officer of Rs 125.81 lakh during FY20.

Mumbai-based Oberoi Realty is financially bleeding in some of its retail, hospitality and commercial projects.

he operating revenues of Westin Mumbai Garden City project came down to Rs 33 crore in the last fiscal as against Rs 131 crore in the previous fiscal, a drop of massive 75 percent. The EBITDA went in negative territory (loss) at Rs 5.15 crore in the last fiscal as compared to Rs 45 crore in the previous fiscal. The EBITDA margin fell to minus 15.8 percent as against 34 percent. The average room rates went down to Rs 5,782 as against Rs 9,363 in the previous fiscal.

The Oberoi Mall project saw operating revenues tumble to Rs 117 crore in the last fiscal as against Rs 160 crore in the previous fiscal, a steep decline of 27 percent. The EBITDA fell to Rs 107 crore as against Rs 152 crore, the company said in its investor presentation.

The Commerz project saw operating revenues come down to Rs 23 crore in the last fiscal as compared to Rs 32 crore in the previous fiscal. The EBITDA fell to Rs 19 crore as compared to Rs 30 crore. 

Interestingly, Commerz II, another commercial project by the group, did not see a decline in operating revenues and EBITDA.

The for the whole of last fiscal, the consolidated net profit jumped 7 percent at Rs 739 crore as compared to Rs 689 crore in the previous fiscal.

The for the whole of last fiscal, the consolidated total revenues of the company dropped 9 percent at Rs 2,090 crore as compared to Rs 2,285 crore in the previous fiscal.

 

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