40% rise in net profit of Omaxe in first quarter of the year

Real estate firm Omaxe reported 40% increase in its combined net profit at Rs 16.83 crore for first financial quarter of this year which ended on June 30. This announcement was made between late July and early August.

Last year Omaxe mentioned its net profit around Rs 12.03 crore in BSE filing. Income from operations rose marginally to Rs 334.41 crore in the first quarter of this fiscal from Rs 330.8 crore in the corresponding period. Finance cost declined to Rs 33.48 crore from Rs 39.03 crore during the period under review.

Chairman and Managing Director of Omaxe, Rohtas Goel mentioned that company’s projects in Lucknow and New Chandigarh are receiving good response, even in such striving market conditions. He has also identified these markets as future growth engines for the company.

Omaxe booked 1.54 million sq ft of space during the first quarter of financial year 2015-16. It costs Rs 658 crore to the company. USP of Omaxe is to provide affordable housing solutions to its client base, and that’s too in metro cities. Omaxe has recognized this basic parameter set by common man in order to buy the house of his dreams.

Omaxe Limited was founded in 1987 and running its construction business in 8 states across 27 Indian cities. Omaxe Foundation is an arm of Omaxe Limited which has supported numerous noble causes in the field of community development, education and health.

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