Omaxe Ltd sees its infrastructure order book growing to Rs 1,800-1,900 crore in FY12 as it hopes to win a few government contracts this year, a top executive said on Tuesday.
"It [rise in order book] all depends on the few projects we have bid for, but our estimate is that we should end the year with the figure of Rs 1,800-1,900 crore," Omaxe Vice-President, Investor and Strategic Relations, Sumit Arora, said.
"This (growth) would be mostly from government contracts... spread across the country."
Omaxe, which has an order book of about Rs 1,440 crore as on date, usually undertakes government building contracts, including accommodation for government employees and armed forces, hospitals, and road contracts.
Debt fall
Omaxe expects its gross debt to fall to Rs 1,250 crore this year, compared with Rs 1,552 crore for FY11. The firm's net debt was at Rs 1,357 crore as on date, Arora said.
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It has a scheduled debt repayment of about Rs 625 crore in FY12, while debt would rise as the firm is undertaking new projects.
"...there would be net affect (reduction) of about 300 crore of outflow," he added.
The realtor expects to sell fresh area of about 10.50 million square feet, largely residential, in FY12, compared with 9.76 million square feet sold in FY11.
Omaxe, which has obtained shareholder approval to raise up to 6 billion rupees, is waiting for "conducive" market conditions, Arora said.
"We don't believe the market is conducive enough even now, and the time (for fund raising) cannot be certain...," he said, adding its cash accruals were "strong".