Omaxe Ltd., a Real Estate and Infrastructure Development company headquartered in Delhi, reported Consolidated Net Sales of Rs. 329.08 crore for the quarter ended June 30th 2011 as compared to Rs. 252.93 crore for the quarter ended June 30th 2010, registering a growth of 30.11%.
Consolidated Net Profit for the quarter stood at Rs. 20.03 crore, reduced by 7.78% as compared to Rs. 21.72 crore posted in the quarter ended June 30th, 2010. Earnings per share (EPS) for the quarter stood at Rs. 1.15.
Operational Developments for Q1 FY12:
• The company during the quarter sold 2.62 mn sq. ft.
• The company during the quarter offered the possession for 2.39 mn sq. ft.
Business Highlights for Q1 FY12:
• The company launched residential plots in Omaxe Chandigarh Extn., Mullanpur, in the sizes of 300 sq. yards, 400 sq. yards and 500 sq. yards. Area launched approx
0.75 mn sq. ft. and is completely sold out;
• The company launched Shops & Commercial Offices (SCO) phase II in PDA Omaxe City Patiala. Area launched approx 8,500 sq. yards and was successfully sold through
• The company launched EWS and LIG flats in the sizes of 370 sq. ft. and 575 sq. ft. accounting 0.24 million sq. ft. in Omaxe Eternity Vrindavan and the project
received overwhelming response from buyers;
• The company offered possession of residential plots and villas in Omaxe City Palwal and Omaxe City Bhiwadi;
• The company offered possession of Pearls Omaxe, a shopping-cum-office space in prime location in North Delhi. Area offered approx 0.11
million sq. ft.;
• The company offered possession of Omaxe Plaza, a shopping mall in the heart of Ludhiana. Area offered approx 0.10 million sq. ft.
Commenting on the Q1 FY12 results, Mr. Rohtas Goel, CMD, Omaxe Ltd. said: “The sales for the quarter are Rs. 329.08 crores as against Rs. 252.93 crores for the corresponding quarter of last year, registering a growth of 30%. Fresh bookings continued to be robust and 2.62 mn sq. ft. was booked during the quarter ended June 30th, 2011 taking the aggregate booked area to 41.83 mn sq. ft. At the same time, we offered the possession for additional 2.39 mn sq. ft. in the quarter. The company’s proven track record on execution and delivery of projects and vast presence in Tier II and III cities has made it possible for us to increase sales even in times of high interest rate regime.”
Commenting on the outlook for current fiscal, Mr. Rohtas Goel, CMD, Omaxe, said: “The Company has been receiving a lot of demand from end users in its mid-income residential projects in Lucknow, Chandigarh, Ludhiana, etc. and high-end housing in Noida and Faridabad. Further, residential plots across all geographies continue to be a market favorite among long-term buyers. There is a visible stress on purchasing power of mid-income buyer due to slew of hikes in lending rates during the last few quarters. This will definitely impact demand in certain regions. However, India still needs millions of houses in the long run to cater to its population growth.”