New Delhi : Omaxe Limited, one of India’s leading Real Estate companies, headquartered in Delhi, today reported Consolidated Income from Operations of ` 330.80 crore for the quarter ended June 30, 2014 as compared to ` 401.66 crore for the quarter ended June 30th 2013, a decline of 18%.
Consolidated Net Profit for the quarter stood at ` 12.03 crore as compared to ` 19.03 crore posted in the quarter ended June 30, 2013.
Financial Highlights
| Particulars |
Q1 FY-15 |
Q1 FY-14 |
Change |
| Consolidated Income from Operations (` Cr.) |
330.80 |
401.66 |
-17.64% |
| EBIDTA (` Cr.) |
67.39 |
59.99 |
12.34% |
| Consolidated PAT (` Cr.) |
12.03 |
19.03 |
-36.82% |
Business Highlights for Q1 FY15:
The Company sold 0.62 mn sq. ft. of space during the quarter amounting to ` 200 crores. Major contributors were residential spaces in Faridabad, Vrindavan, Bahadurgarh, Ludhiana and commercial spaces in Greater Noida and New Chandigarh.
The company during the quarter delivered ~ 1 mn. Sq. ft. of space at various projects including Bahadurgarh, Jaipur, New Chandigarh and Faridabad.
Average realizations for the quarter is ` 3,220 per sq.ft as compared to ` 2,950 for the immediately preceding quarter.
Management view on performance in Q1 FY15
Commenting on the Q1 FY15 results, Mr. Rohtas Goel, CMD, Omaxe Limited said:
“The consolidated income from operations for the quarter stood at ` 330.80 crore as against ` 401.66 crore in the corresponding quarter of last year, registering a fall of 18%.
Fresh bookings were at 0.62 mn sq. ft. of booking during the quarter ended June 30, 2014. The General Election euphoria and change in guard at the Centre saw postponement of investment and purchase cycle during the quarter. The government’s thrust on creating smart cities augurs well for us and we expect to derive robust sales from tier II and III cities, where we have a vast presence in the years to come.
Our focus on expanding existing projects and bringing in more options of residential and commercial continues unabated.
Management view on Business Outlook & Future Strategy
Commenting on the outlook for current fiscal, Mr. Rohtas Goel, CMD, Omaxe Limited, said:
“The improving macroeconomic indicators suggest good times for the economy and the real estate sector. Besides, the Budget provided sufficient boost to all the sectors, including real estate and infrastructure, in order to spur demand. The RBI’s directive on affordable housing will pave way for homebuyers to return to purchasing homes. Omaxe is well-placed to benefit out of rise in ceiling proposed by RBI for affordable homes in the years to come.
RBI’s recent circular intends to ease the way for banks to raise long term resources to finance their long term loans to infrastructure as well as affordable housing, promoting both growth and stability, as well as improve the supply side. Accordingly we expect softer interest rates for affordable homes (upto ` 50 lakhs for houses of values upto ` 65 lakhs located in the six metropolitan centres and ` 40 lakhs for houses of values upto ` 50 lakhs in other centres for purchase/construction of dwelling unit per family), which should augur well for our Company.
Our strength and consistency of delivering affordable homes in 30 cities across India will add to our revenues going forward with emphasis on cities like New Chandigarh, Faridabad, Lucknow, Bhiwadi, Rohtak etc to mention a few.”
Source : Lokesh Shastri