Omaxe Q3 FY19 consolidated income from operations at `242.21 cr

Consolidated PAT for Q3 FY19 at `8.5 cr

New Delhi, February 12, 2019: Omaxe Limited, one of India’s leading Real Estate Development Company, headquartered in Delhi, today reported Consolidated Income from Operations of `242.21 cr for the quarter ended December 31st 2018 as compared to `506.82 cr for the quarter ended December 31st 2017, a decline of 52.2 %. Consolidated Net Profit for quarter ended December 31th 2018 stood at `8.5 cr, a decline of 58.9% as compared to `20.67 cr posted in the quarter ended December 31st 2017.
Consolidated PAT for Q3 FY19 at `8.5 cr

Financial Highlights

#The numbers for corresponding period are non-comparable due to application of IND-AS 115, revenue from contracts with customers. All figures in the table are on a consolidated basis in`crores, unless stated otherwise.

Operational Highlights:

• The Company during the quarter sold 0.84 mn sq.ft valued at `268 crore vis-à-vis 0.60 mn sq.ft valued at `168 crore in the same quarter last year. Major contributors were Commercial Built-up & SCO at World street Faridabad, Group Housing at Royal Residency Ludhiana, Floors at New Chandigarh.
• The Company during the 9 months sold 2.00 mn sq.ft valued at `544 crore vis-à-vis 2.75 mn sq.ft valued at `673 crore in the same period last year. Major Sales Contributors are from Royal Residency Ludhiana, World Street Faridabad & New Chandigarh.
• Company has launched floors in New Chandigarh in the name of Celestia Royal Premier and successfully sold 0.09 mn sq.ft amounting value of `35 Crore, Commercial Built up at Rohtak & Faridabad.
• Company has delivered 2.16 mn sq.ft in nine months vis-à-vis 2.75 mn sq.ft during nine months in previous year. Major Deliveries are in Indore, Vrindavan & Yamunanagar.

Management view on performance in Q3 FY19

Commenting on the Q3 FY19 results, Mr. Rohtas Goel, Chairman & Managing Director, Omaxe Limited said:

“Mortgage and interest rates on home loans increased in 2018 and this impacted the recovery of the sector. In these times, the RBI’s 25 bps cut in repo rate announced earlier this month, will provide much needed impetus to the sector. Also, the announcement of tax reduction for the salaried class leading to more disposable income and Capital Gains Tax Benefits to the middle class will give a boost to the real estate industry.”

During the quarter ended December 31, 2018, we witnessed reasonable interest of the buyers. The company booked 0.84 mn sq.ft of space valued at INR 268 cr. This is a reflection of consumer confidence in our product range, quality and an unmatchable track record of delivery. With slew of measures announced recently, we are hopeful that upcoming few quarters will be better.