News
Omaxe sees 40 per cent rise in second quarter net profit


Delhi-based Omaxe Limited on Wednesday reported consolidated income from operations at Rs 409.53 crore for the quarter ended September 30 as compared to Rs 378.92 cr for the corresponding quarter last year, registering a rise of 8 per cent.
According to a press release issued by the company, the consolidated net profit for the quarter ended September 30 stood at Rs 19.46 crore, an increase of 40 per cent as compared to Rs 13.88 crore posted in the last quarter.
The company during the quarter sold 1.24 mnsqft valued at Rs 401 crore vis-à-vis 1.06 mn sq.ft valued at Rs 471 crore in the same quarter last year. Major contributors were group housing projects Grand Omaxe and The Palace in Lucknow and New Heights at Sonepat.
During the quarter, the company delivered 2.56 mnsqft of spaces vis-à-vis 1.2 mnsq.ft delivered in Q2FY15. Major deliveries were at Bahadurgarh (0.22 mnsq.ft), Faridabad (0.25 mnsq.ft), Lucknow (0.37 mnsq.ft) and Indore (0.84 mnsq.ft).The average realisation for the quarter is at Rs3,237 per sq.ft as compared to Rs4,434per sq.ft for the same quarter last year.
Commenting on the results, Rohtas Goel, Chairman & Managing Director, Omaxe Limited, said, “Non-metros have witnessed good demand from end-users, mainly in cities like Chandigarh, Lucknow, Ludhiana and Indore. While there was a slight reduction in lending rates this quarter, it seems too little to impact consumer sentiment. For the upcoming festive season, if the banks and housing finance companies proactively pass on the interest rate cuts to the customers, we may see some uptick in customer queries, and sales.”
-
News4 weeks ago
Retail leasing up 130% Y-o-Y in Jan-Mar’23
-
Guest Column4 weeks ago
Commercial RE: Evolving trends & insights
-
New Launches4 weeks ago
91Springboard launches 1000+ seater Platinum hub in Gurugram
-
New Launches4 weeks ago
BPTP launches residential project, District 4 in Sector 84, Faridabad
-
New Launches4 weeks ago
BST Developers launches “BST-Green Bhoomi”
-
News3 weeks ago
Tribeca appoints new Head of Business Development, Somendra Sarwal
-
New Launches3 weeks ago
SAYA launches SAYA STATUS, India’s Tallest Mall
-
News4 weeks ago
Ganga Realty to invest Rs 400 cr in its maiden high-street retail project in Sohna