Omaxe hit an upper circuit of 10% at Rs 82.25 after the real estate company doubled its sales to Rs 2,145 crore in FY 2019-20 following a strong real estate demand in Tier II/III cities.
The Tier I & III cities real estate major, Omaxe, in its Annual Report 2019-20 said that it sold a total area of 8.26 million square feet was worth Rs 2,145 crore in FY 2019-20 as against 3.55 million sq. ft. area worth Rs 872 crore in FY 2018-19. The average realization increased for the FY 2019-20 to Rs 2,912 per square feet for residential and Rs 8,382 per square feet for commercial projects.
Commenting on the same, Mohit Goel, the chief exceutive officer (CEO) of Omaxe, has said that: "In the last 15 years, we have gained leadership position in cities like New Chandigarh, Ludhiana, Lucknow, Faridabad, Indore to name a few where we are executing our projects. A strong brand equity will help us continue this momentum in 2020-21 as well."
"Recent developments that have emerged as a result of the COVID-19 pandemic and the increased investment and infrastructure development by governments and businesses in these cities will drive employment, real estate sector and overall growth of the Indian economy in the coming decade. Delivery has been a strong forte of Omaxe and we have been consistently delivering high quality, new and innovative products," Goel added.
The company delivered 6.70 million sq. ft. in FY 2019-20 and targets to develop & deliver around 8 million sq. ft. of area in FY 2020-21. The company's total delivery as on September 2020 stood at 124.30 million sq. ft. in real estate and construction contracting. The announcement was made during market hours today, 7 December 2020.
On a consolidated basis, Omaxe reported a net loss of Rs 76.58 crore in Q2 September 2020 as compared to a net profit of Rs 8.08 crore in Q2 September 2019. Net sales declined 38.3% to Rs 155.04 crore in Q2 September 2020 over Q2 September 2019.
Omaxe is engaged in real estate activities. The company is engaged in the business of providing infrastructure facilities, which include housing and real estate development.
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