Mumbai, November 16, 2018: Omaxe Limited, one of India’s leading Real Estate Development Company, headquartered in Delhi, has reported Consolidated Net Profit for the quarter ended 30th September 2018 at `10.91 cr, as compared to `8.84 cr in the quarter ended 30th June 2018, a hike of 23.42%.
Consolidated Income from Operations stood at `451.52 cr for the quarter ended 30th September 2018 as compared to `173. 53 in the quarter ended 30th June 2018, an increase of 160.2%.
For the half year ended September 30, 2018, the Consolidated Income from Operations stood at `625.05 cr. Consolidated PAT for the half year stands at `19.75 cr.
|Particulars||Q2FY19||Q1FY19||% Change (Q-O-Q)|
|Income from Operations||451.52||173.53||160.20|
#The numbers for corresponding period are not presented being non-comparable due to application of IND-AS 115
All figures in the table are on a consolidated basis in ` crores, unless stated otherwise
- During Q2 FY19, the launched three new projects at New Chandigarh, Lucknow and Allahabad having total saleable area of 0.62 mn. Sq. ft.
- The Company during the quarter sold 0.7 mn sq.ft valued at `135 crore vis-à-vis 0.46 mn sq. ft. valued at `141 crore in the Q1 FY19. Major contributors were Commercial Built-up at Omaxe World Street– Faridabad, Omaxe New Chandigarh; Group Housing project in Ludhiana and Faridabad.
- During the quarter the Company delivered 0.58 mn. sq. ft of spaces vis-à-vis 1.58 mn sq. ft. in Q1 FY19. Major deliveries during the quarter were in projects located at Indore, Ludhiana, New Chandigarh and Yamuna Nagar. Till date, the Company has delivered 112.5 mn sq. ft. across various locations.
Management view on performance in Q2 FY19
Commenting on the Q2FY18 results, Mr. Rohtas Goel, Chairman & Managing Director, Omaxe Limited said:
The rising crude oil prices and depreciation of Indian Currency notwithstanding, Indian economy is showing signs of resilience. In Q1 FY19, the economy clocked an impressive growth of 8.2% and the momentum is likely to continue in the current fiscal. The mood is clearly visible in the performance of various sectors. Several of the blue-chips companies have reported decent set of numbers, indicating the economy on the recovery mode.
The real estate sector too was showing signs of recovery, but with hardening of interest rates over the last couple of quarters and liquidity crunch in the system especially NBFC space, the road to recovery has not been smooth. But with our track record of delivery and quality, we witnessed greater interest of the buyers during the quarter ended September 30, 2018. The company booked 0.7 mn sq.ft of space valued at INR 135 cr and delivered 0.58 mn. sq.ft at various locations put together.
About Omaxe Limited:
Omaxe Limited is one of India’s leading real estate development companies. Founded in 1987, the company has fast spread its footprints in 8 States across 27 cities. Today, the company has in its kitty a diversified product portfolio that includes Integrated Townships, Hi-Tech Townships, Group Housing projects, Shopping Malls, Office Spaces, SCOs and Hotel projects. With approx. 112.5 million sq. ft. of delivered space in both real estate and construction contracting, the company is currently undertaking 19 real estate projects – 4 Group Housing, 9 Townships, 6 Commercial Malls/Hotels/ SCO. A BSE & NSE listed company, Omaxe has over the years made a mark with some landmark projects and engineering marvels. Sensing an opportunity in Tier II and III cities, the company made a conscious decision to venture into States like Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi, Himachal Pradesh to name a few and has immensely contributed in the socio-economic development of these cities.
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