Millennium Post

Omaxe builds up Q4 profit by 21% on higher sales

Realty firm Omaxe on Tuesday reported 21 per cent increase in consolidated net profit to Rs 24.35 crore for the quarter ended March 31 on higher sales. Its net profit stood at Rs 20.24 crore in the year-ago period. 

Income from operations rose by 17 per cent to Rs 484.37 crore in the fourth quarter of last fiscal as compared to Rs 413.65 crore in the corresponding period of the previous year, Omaxe said in a regulatory filing.

On an annual basis, the company's net profit rose by 30 per cent to Rs 78.32 crore last fiscal as compared to Rs 60.07 crore in the 2014-15 fiscal. Income from operations increased by 17 per cent to Rs 1,667.78 crore in the 2015-16 fiscal from Rs 1,431.09 crore in the previous year.

"The overall economic environment continues to remain challenging. Though, some green shoots are visible, the growth of manufacturing and services sector is yet to pick up.

"As far as real estate sector is concerned, we are slowly witnessing some steady demand in the last few months. 

“Within the real estate market, compared to major cities, the scenario is better in tier II and III cities," Omaxe CMD Rohtas Goel said. 
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