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Omaxe Q3 sales bookings up 2% at Rs 282 cr

NEW DELHI, Feb 24:  Realty firm Omaxe Ltd’s sales bookings rose marginally by 2 per cent to Rs 282 crore during the third quarter of this fiscal on higher realisation despite demand slowdown after demonetisation move.

However, sales bookings in volume terms fell 28 per cent to 0.57 million sq ft during October-December period of the 2016-17 fiscal from 0.79 million sq ft in the year-ago period.

The average sales realisation rose by 42 per cent to Rs 4,955 per sq ft, according to an investors presentation.

Out of total sales bookings, housing segment contributed Rs 202 crore while commercial segment Rs 80 crore.

During the April-December period of the current fiscal, the sales bookings fell by 41 per cent to Rs 792 crore from Rs 1,335 crore in the corresponding period of the previous year.

Sales bookings in volume terms declined by 33 per cent to 2.39 million sq ft in the first nine months of this fiscal from 3.57 million sq ft in the year-ago period.

“Area delivered during 9 months is 3.75 million sq ft,” the presentation said.

Omaxe’s gross debt reduced marginally to Rs 1,410 crore during the third quarter of this fiscal from Rs 1,428 crore as on September 30, 2016.

The company had reported 13 per cent increase in its consolidated net profit to Rs 20.59 crore for the quarter ended December against Rs 18.28 crore in the year-ago period.

Income from operations rose by 3 per cent to Rs 411 crore in the third quarter of this fiscal from Rs 399 crore in the corresponding period of the previous year.

“During the months of November and December 2016, people were facing cash crunch and it affected the entire economy including real estate sector, which remained subdued.

“However, our emphasis on affordable housing has ensured that our projects in cities like Lucknow, New Chandigarh, Faridabad, Ludhiana and Indore did relatively better as we enjoy utmost trust and confidence of customers,” Omaxe CMD Rohtas Goel had said.

Omaxe is presently developing 13 group housing, 16 townships and 10 commercial projects in 22 cities across 7 states. (PTI)

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