Omaxe PAT for FY15 sees decline of 23 pc

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Delhi-based real estate development company Omaxe Limited on Thursday reported consolidated income from operations at Rs 413.65 crore for the quarter ended March 31 as compared to Rs 513.97 crore for the corresponding quarter last year, a fall of 20 per cent.

On an annual basis, the company reported consolidated income from operations at Rs 1431.09 crore in FY 2014-15 as compared to Rs 1623.13 crore in 2013-14, a decline of 12 per cent.

According to a press release issued by the company, the consolidated net profit for the quarter stood at Rs. 20.24 crore, a dip of 19 per cent as compared to Rs 25.09 crore posted in the quarter ended March 31, 2014 whereas the consolidated net profit for fiscal 2014-15 at Rs 60.07 crore witnessed a fall of 23 per cent.

Commenting on the FY15 results, Rohtas Goel, CMD, Omaxe Limited, said, “The tough economic environment continues, however with a new majority Government at the Centre, there was some improvement in investor sentiments backed by measures for the housing sector. However, homebuyers have preferred a wait and watch policy due to high interest rates.”