Omaxe sales down 43% at Rs 946 crore

NEW DELHI: Realty firm Omaxe Ltd's sales bookings fell 43 per cent to Rs 946 crore in the last fiscal due to lower volume as well as sales realisation.
According to investors presentation, the company sold 3.2 million sq ft in the 2016-17 fiscal, down 35 per cent from 4.89 million sq ft in the previous year.

The average sales realisation declined by 12 per cent to Rs 2,956 per sq ft from Rs 3,372 per sq ft during the period under review.

As a result, the company's sales bookings in the value term decreased to Rs 946 crore in the last fiscal from Rs 1,648 crore in the previous year.

The sales bookings in the housing segment fell sharply to Rs 407 crore in the last fiscal from Rs 1,264 crore in the previous year. However, the sales bookings in the commercial segment rose to Rs 539 crore from Rs 384 crore.

Omaxe delivered 5 million sq ft area in the last fiscal.

The company's gross debt increased to Rs 1,475 crore as on March 31, 2017 from Rs 1,306 crore as on March 31, 2016.

Omaxe has to repay Rs 591 crore debt in the current fiscal.

The company recently reported 55 per cent decline in its consolidated net profit at Rs 12.98 crore for the fourth quarter of 2016-17 as against Rs 29.03 crore in the year-ago period.

Income from operations rose by 20 per cent to Rs 451.92 crore for the quarter ended March from Rs 376.11 crore in the corresponding period of the 2015-16 fiscal.

During the full 2016-17 fiscal, the net profit went up by 32 per cent to Rs 101.9 crore from Rs 77.09 crore in the previous year.

Total income from operations stood at Rs 1,626.75 crore in the 2016-17 fiscal, up 17 per cent from Rs 1,385.73 crore during financial year 2015-16.

Omaxe Chairman and Managing Director Rohtas Goel had said that the real estate sector is "slowly witnessing steady recovery in the aftermath of demonetisation and as has been the case for some time now, tier II and III cities continue to outperform metros."

Since, Omaxe major thrust areas are tier II and III cities, the company has been performing better than the industry, he had said.