Omaxe Limited, one of India’s leading Real Estate company, headquartered in Delhi, reported Consolidated Income from Operations of Rs. 401.66 crore for the quarter ended 30th June’2013 as compared to Rs. 368.30 crore for the quarter ended 30th June’ 2012, registering a growth of 9.1%
Consolidated Net Profit for the quarter stood at Rs. 19.03 crore as compared to Rs. 18.18 crore posted in the quarter ended 30th June, 2012
Financial Highlights
| Particulars |
Q1 FY14 |
Q1 FY13 |
Change |
| Consolidated Income from Operations (Rs. Cr.) |
401.66 |
368.30 |
9.1% |
| EBIDTA (Rs. Cr.) |
59.99 |
59.78 |
0.4% |
| Consolidated PAT (Rs. Cr.) |
19.03 |
18.18 |
4.7% |
Business Highlights for Q1 FY14:
The Company delivered 2.67 mn sq. ft. of space during the quarter across various projects including 1.20 mn sq. ft. of space in Bhatinda, 0.32 mn sq ft in Twin Tower, Noida, 1.08 mn sq ft in Bahadurgarh, and 0.07 mn sq ft in Indore.
The company during the quarter sold 1.66 mn sq. ft. valued at approximately Rs. 542 crore. Omaxe Residency II, Sultanpur Road, Lucknow, contributed 1.26 mn sq ft to the total sold area for the quarter, which in value terms contributed Rs. 424 crores to the total sold value.
The Company during the quarter launched 0.28 mn sq ft of space encompassing retail shops and studio apartments in Omaxe Panorama City, Bhiwadi, commercial shop cum floors in Omaxe City, Jhajjar Road, Bahadurgarh, and retail shops in Omaxe City, Jaipur
Management view on performance in Q1 FY14
Commenting on the Q1 FY14 results, Mr. Rohtas Goel, CMD, Omaxe Limited said :
“The consolidated income from operations for the quarter stood at Rs. 401.66 crore as against Rs. 368.30 crore in the corresponding quarter of last year, registering a growth of 9.1%.
Fresh bookings continued to remain steady with 1.66 mn sq. ft. of booking during the quarter ended June 30th, 2013. The sales have been good despite the challenging economic scenario. The continued trust of our customers in tier II and III cities, where we have a vast presence, has helped us remain steady. We are focusing on execution of ongoing projects while continuing with new launches in order to widen our product portfolio and reach out to maximum people in these cities. We recently signed up with The Intercontinental Hotel Group (Holiday Inn) for a hotel in Omaxe New Chandigarh and have strategically targeted destinations like Bhiwadi, Bahadurgarh, Greater Noida for studio apartments catering to corporates and tourists
Management view on Business Outlook & Future Strategy
Commenting on the outlook for current fiscal, Mr. Rohtas Goel, CMD, Omaxe Limited, said:
“On account of sliding GDP, higher interest rate and falling rupee, the current fiscal may pose enough challenge for every sector, including real estate. Temporary squeezing measures by the RBI has made consumers, industry and banks cautious in their approach and the same may lead to slowdown in investment cycle in the forthcoming quarters. With our focus on Tier II and Tier III cities we are targeting the middle-income segment with affordable housing in cities like Bahadurgarh, Rohtak, Lucknow, Chandigarh, etc., as an alternative to NCR. On the financial front, we remain robust with consistent internal accruals, thereby helping us remain comfortable with our debt.”
