New Delhi : Omaxe Limited, one of India’s leading Real Estate Development Companies, headquartered in Delhi, today reported Consolidated Income from Operations of Rs. 679.67 crore for the quarter ended March 31^st 2013 as compared to Rs. 603.58 crore for the quarter ended March 31^st 2012, registering a growth of 12.61%. On an annual basis, the Company reported Consolidated Income from Operations of Rs. 2077.54 crore in 2012-13 as compared to Rs. 1,848.75 crore in 2011-12, registering a growth of 12.38%.

Consolidated Net Profit for quarter ended March 31^st 2013 stood at Rs. 35.66 crore, increased by 50.29% as compared to Rs. 23.73 crore posted in the quarter ended March 31^st 2012 whereas Consolidated Net Profit in the fiscal 2012-13 stood at Rs. 105.68 crore, compared to Rs. 90.38 crore posted in fiscal year 2011-12.

 

Particulars	Q4FY13	Q4FY12	% Change	FY13	FY12		% Change
Income from Operations	679.67	603.58	12.61	2077.54	1,848.75		12.38
EBIDTA	55.13	62.25	(11.44)	256.06	257.04		(0.38)
PAT	35.66	23.73	50.29	105.68	90.38		16.93

All figures in the table are consolidated in Rs. crores unless stated otherwise

 

Operational Highlights for FY13 & Q4 FY13:

 

• The year was marked by deliveries in several projects of the Company.

 

• Despite several rounds of cut in repo rate and cash reserve ratio, interest rates continued to remain high, but robust internal accruals have helped Company remain liquid and healthy.

 

• Demand in tier II and III cities continued to remain steady and drive Company’s growth

 

• The Company during the year sold 11.39 mn sq ft worth Rs. 2,373 crore across all the projects including new launches.

 

• During the quarter ending March 31, 2013, the Company sold 3.49 mn sq ft worth Rs. 798 crore

 

• The Company completed 9 mn sq ft in real estate vertical during the year.

Management view on performance in FY13

 Commenting on the FY13 results, Mr. Rohtas Goel, CMD, Omaxe Ltd. said:

“Throughout the year, our focus on robust deliveries and well researched new launches has helped us remain consistent in our commitment. Expansion in cities like Lucknow, Indore and New Chandigarh has spurred our growth and further reinforced our commitment into contributing to the economy and lifestyle of these cities. Despite challenges like elevated interest rate, inflation, slowdown in global economy, the sentiments in Tier II and III cities remained good and these cities continued to drive demand. ”

 Commenting on the outlook for FY 14, Mr. Rohtas Goel, CMD, Omaxe Ltd., said:

 “The slew of rate cuts throughout the year is expected to show its impact in the coming months. The decline in inflation may prompt more rate cuts. However, banks must reciprocate to the cuts in order to benefit home buyers and economy as a whole. Since we operate in regions where genuine buyers drive demand, the off take is further expected to improve with lower interest rates. We are on course to expand further in these cities. However, elevation in price of housing is imminent as a result of The Land Acquisition Bill and Real Estate Bill that is expected to be passed this year. With a strong lineup of projects, we are well-positioned to capitalize on the rising demand.”

Source : Naresh Sharma