Strong Sales Performance for Omaxe Ltd
Real estate firm Omaxe Ltd has reported significant growth in property sales for the first six months of the current fiscal year. The company sold properties worth Rs 1,123 crore, representing a 26% increase over the same period last year. In the April-September period of the previous fiscal, the Delhi-based realty firm achieved bookings of Rs 908 crore.
Rise in Average Realization
Sales bookings rose on the back of a 75% jump in the average realization rate, reaching Rs 3,368 per square foot. However, in terms of volume, sales bookings declined by 30%, dropping to 3.45 million square feet in the first six months of the current fiscal, compared to 4.89 million square feet in the year-ago period.
Major Contributors to Revenue
Key contributors to the firm's revenues for the first half of FY14 included plots and floors in Chandigarh, group housing in Noida, Faridabad, and Bahadurgarh, and commercial developments in Chandigarh, Ludhiana, and Greater Noida.
Reduction in Gross Debt
Omaxe's gross debt decreased to Rs 1,025 crore as of September 30, down from Rs 1,095 crore at the end of the first quarter. The firm has an upcoming repayment obligation of Rs 130 crore in this quarter.
Financial Highlights
- Combined income from operations for the half-year is Rs 770 crore, down 8% from Rs 835 crore in the corresponding period last year.
- Profit after tax for the first half of this fiscal is Rs 38 crore, a 9.8% decrease from Rs 42 crore last year.
Presence and Development
Omaxe has a presence in approximately 30 cities across 9 states and is currently developing 45 projects. These include 15 group housing developments, 20 integrated townships, and 10 commercial hubs across the country.
Recent Developments
Recently, the property firm declared the issue of 10 bonus shares to public shareholders for every 41 shares to comply with SEBI's norm on minimum 25% public shareholding.