Omaxe sees 40 per cent rise in second quarter net profit

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OmaxeDelhi-based Omaxe Limited on Wednesday reported consolidated income from operations atRs409.53 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 slightreduction in lending rates this quarter, it seems too little to impact consumersentiment. 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.”