Connect with us


Omaxe PAT for Q4 at Rs 0.54 crore


Real estate development company, Omaxe, reported consolidated income from operations of Rs. 191.87 crore for the quarter ended March 31 as compared to Rs. 355.38 crore for the quarter ended March 31, 2020.

The consolidated net profit for the quarter stood at Rs 0.54 cr. as compared to a loss of 126.39 crore posted in the corresponding quarter last year, said a press release.

The company during the 12 months sold 2.73 million sq. ft. valued at Rs 2051 cr vis-à-vis 4.99 mn sq.ft valued at Rs 1738.75 crore in the same period last year, said the release further. Major sales include Delhi, Ludhiana, Lucknow and New Chandigarh.

Rajan Gupta, Vice-President (Business Development & Corporate Strategy), Omaxe Limited, said: “The COVID-19 induced lockdown brought the economy to a complete standstill leading to a disruption in cash flows, customer sentiments and stoppage in construction activities due to migration of labour thereby heavily impacting the real estate sector in the first half. In the second half, on the back of low interest rates and bottomed out property prices, demand was restored across several sectors of the economy including real estate but the overall impact of COVID was severely felt on the real estate sector. The company’s good brand equity in tier 2/3 cities helped its projects in Delhi, Ludhiana, Lucknow and New Chandigarh perform as per its potential. These centres will be a propeller for future demand, construction, possession and strategic project expansion of the company going forward.”

Latest News

News5 hours ago

The real estate sector reacted cautiously to the Union Budget 2023. Here are the excerpts from a cross section of industry stalwarts

Harsh Vardhan Patodia, President, CREDAI National “Through the Union budget 23 – 24, the Government continues to focus on the empowerment...

News5 hours ago

Affordable housing gets push in Budget 

New Delhi, Feb 1, 2023:  Union finance minister Nirmala Sitharaman on Wednesday announced an outlay of ₹79,000 crore, an increase of...

Events14 hours ago

Art competition at Spectrum Metro 

Noida: Spectrum Metro, in collaboration with Motherhood Women’s and Children’s Hospital, organised a drawing and painting competition on January 26,...

News15 hours ago

Housing prices start moving up post Covid, buoyant real estate along with construction activities create jobs, says Economic Survey

New Delhi: The Economic Survey tabled in the Parliament on Tuesday, said that housing prices have started firming up after...

News1 day ago

Andhra Pradesh Kicks-Off Global Investors’ Summit 2023 with Diplomatic Meet: Over 40 Nations Participate, Among Business Delegations & Captains of the Industry

New Delhi, January 31, 2023: The Curtain Raiser to the Andhra Pradesh Global Investors’ Summit 2023, started on Tuesday with...

News1 day ago

Pacific D21 Mall, Dwarka, hosts Tekken India’s Delhi Iron Fist Tournament 2023

New Delhi: Pacific D21 Mall, Dwarka, hosted gaming tournament, Tekken India’s Delhi IronFist 2, on January 28-29, 2023. The event...