Omaxe Limited, one of India’s leading Real Estate Development Companies, headquartered in Delhi, reported Consolidated Income from Operations of Rs183.78 cr for the quarter ended September 30th, 2021 as compared to Rs155.04 cr for the quarter ended September 30th, 2020, a rise of18.54%. Consolidated Net Profit (loss) for the quarter ended September 30th, 2021 stood at (Rs42 cr), a rise of 45.16% as compared to (Rs76.58 cr) posted in the quarter ended September 30th, 2020.
(Rs in Crore)
|Income from Operations||183.78||155.04||18.54|
· The Company sold 0.58 mn sq. ft valued at Rs259.25 crore in Q2 2021-22.
· The Company sold 1.10 mn sq. ft valued at Rs 806 crore in H1 2021-22.
· In Q2, the major contributors were New Chandigarh, Lucknow and Delhi
· The company had sold 2.73 million sq. ft. valued at Rs 2051 cr. in FY 2020-21
· The Company delivered 0.76 million sq. ft. in Q2 2021-22 and 1.18 mn sq. ft in H1 2021-21.
· In Q2, the major Deliveries are in Lucknow, Indore, Faridabad, New Chandigarh
· The company had delivered 2.71 million sq. ft. in FY 2020-21.
Management view on performance in Q2 FY22
Commenting on the Q2 FY22 results, Mr. Mohit Goel, Managing Director, Omaxe Limited said:
The economy, after a weak first quarter, is moving on an upward trajectory and this is quite an encouraging sign for businesses. The real estate sector has bounced back strongly in the post-COVID era. Market sentiments have shown greater desire on the part of homebuyers to own a home. Retail spaces are seeing an increase in footfall even as mall leasing is on the rise. Our Q2 results reflect the company’s sustained momentum over the past several years in both residential and commercial spaces in the cities where we are executing projects. All-time low-interest rates, government incentives coupled with other favorable factors have been instrumental in driving demand.
Commenting on the outlook for the current fiscal, Mr. Mohit Goel, Managing Director, Omaxe Limited, said:
Considering the steady performance of the sector, we expect the remaining six months in this fiscal year to be fruitful. The pandemic has induced changes in the homebuyers’ behavior and preferences and we have been agile enough to adapt with those changes. Tier 2&3 cities are emerging as big markets for real estate. We will continue with our expansion spree in North India and are confident of strong performance from cities like Lucknow, New Chandigarh, Ludhiana, Faridabad, Delhi etc.
About Omaxe:With 127.33 million sq. ft. of delivered space in real estate and construction contracting (as on September 30, 2021), Omaxe is today one of India’s leading and trusted real estate companies. The brand ‘Omaxe’ was founded in 1987 by visionary first-generation entrepreneur & civil engineer Mr. RohtasGoel to undertake construction and contracting business. Subsequently, the company diversified into the real estate sector in 2001 and got listed on both stock exchanges (BSE and NSE) in 2007.Today, the company is present in 27 cities across 8 states namely Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi, and Himachal Pradesh and possesses a diversified product portfolio that includes Hi-Tech Townships, Integrated Townships, Group Housing, and shopping malls, Office Spaces, SCOs and Hotel. It is currently undertaking 23 real estate projects – 4 Group Housing, 14 Townships, 5 Commercial Malls/office spaces/Hotels/ SCOs.The company has also successfully blended business excellence with social commitment. The company through Omaxe Foundation takes up many CSR projects in the field of health, education, community development, etc.