Omaxe Q4 net rises 21 per cent

Real estate development company, Omaxe Limited, on Tuesday reported consolidated income from operations of Rs. 484.37 crore for the quarter ended in March 31, 2016 as compared to Rs. 413.65 cr for the quarter ended in March 31, 2015, a rise of 17 per cent.

According to a press release, consolidated net profit for the quarter ended March 31, 2016 stood at Rs 24.35 crore, a rise of 21 per cent as compared to Rs 20.24 crore posted during the quarter ended March 31, 2015.

On an annual basis, the total income from operations stood at Rs 1,667.78 crorevis-a-visRs. 1,431.09 crore during FY 15, a jump of 17 per cent. Consolidated PAT for FY 16 stood at Rs. 78.32 crores, a 30 per cent jump as compared to the PAT of Rs. 60.07 crores for FY 15.

Commenting on the FY16 results, Rohtas Goel, Chairman & MD, Omaxe Limited, said, “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.

“With the combination of affordable pricing, timely delivery along with world- class amenities, we have been able to create a loyal and satisfied customer base, the benefits of which we are reaping even during these difficult times”, he said.