Omaxe Ltd, a premier real estate development company in India, today reported net sales of Rs. 252.93 crore for the quarter ended June 30th 2010 as compared to Rs. 118.91 crore posted in the corresponding quarter of last fiscal, registered a growth of 112.71 %.
Net Profit for the quarter stood at Rs. 21.72 crore, increased by 45.14 % as compared to Rs. 15.66 crore posted in the corresponding quarter of last fiscal. Earnings per share (EPS) for the quarter stood at Rs. 1.25 as compared to Rs. 0.90 in the corresponding quarter of last fiscal.
The EBITDA margin for the quarter stood at 20.55%, as compared to 38.98% in the corresponding quarter of last fiscal.
Commenting on the results, Mr. Rohtas Goel Chairman & Managing Director, Omaxe Ltd said, “Our performance is in line of our guidance for the whole year. Generally, second and fourth quarters are the one where major growth is seen during a year. However, we have registered more than 100% growth in our top-line on quarter on quarter basis. There has been stress on margins as we are purely into affordable housing with average realization being in the range of Rs. 1,400 – 1,500 per sq. ft. I am pleased to inform that all our new launches have received significant response from the market and the result of the same shall be visible in our future profits.”
Major Developments:
- Launched first budget homes “NAFFHIL Homes” in Allahabad to be built over an area of approx. 19 acres. Part of 1535 acres Omaxe Waterfront Hi-tech city, Naffhil Homes is a step towards the company’s mission of Ek Aawas Sabke Paas. The project will comprise of Ground + 4 floors consisting of 860 units in the options of 1, 2 and 3-BHK in 660 sq ft, 950 sq ft and 1150 sq ft respectively. The basic price range is Rs. 9.57 lac – Rs. 17.8 lac. The project is expected to generate revenue of approx. Rs. 150 crore and will be ready for occupancy in around 30 months.
- Launched “Omaxe Residency”, a group housing project in Lucknow, Uttar Pradesh. The project is to be built over an area of approx. 14 acre consisting of 972 units in 2-BHK, 2-BHK + study and 3-BHK in 1150 sq ft, 1250 sq ft to 1450 sq ft area respectively. The basic selling price is Rs. 1,750 per sq ft. This project has also demarcated areas for shops, school and a medical dispensary. This project is expected to generate revenue of approx Rs. 250 crore and is expected to be ready for occupancy in the next two and half years.
- Launched “India Trade Tower”, the tallest commercial tower of Punjab in Mullapur. This office cum shopping complex will be a part of proposed Global Business Park which will have an international hotel and business hub spread over 26 acres (approx.). India Trade Tower will be a contemporary designed fully centrally air conditioned G+19 floors with a total area of 2.45 lac sq.ft. This project is proposed to offer 42,000 sq ft of area dedicated to shopping mall and retail. However, 17 floors embracing an area of 1.85 lac sq ft are designed as commercial space. Besides, a floor of an area 18,000 sq ft is entirely covered with terrace podium, health club, food court, water body etc. The project is expected to realize value of approx. Rs. 120 crore and is expected to be completed within 2.5 years from commencement of construction.
- M/s Omaxe Infrastructure and Construction Ltd. a 100% subsidiary company of Omaxe Ltd. has been awarded with the contract for construction of Housing Complex in Meerut for AFNHB. The contract has been awarded by Air Force Naval Housing Board, Air Force Station, Race Course, New Delhi. The value of the contract is Rs. 57.20 Crore.
- The company bagged the contract to construct All India Institute of Medical Sciences (AIIMS), Rishikesh, Uttarakhand. The contract has been awarded by Ministry of Health & Family welfare, Govt. of India. The value of the contact is Rs 64.80 crore.
- The Company in a Joint development agreement with Punjab Urban Development Authority launched SCO (Shopping cum Office) Complex, comprising 60 shops in various sizes. The realization value is approx. Rs.38 Crores.
- The Company in a Joint Development agreement with Punjab Urban Development Authority launched EWS Homes. This project comprises of G+2 floors with 960 units offering 1BR + Balcony of 350.3 sq ft. The price of the EWS Flats ranges from Rs. 3.10 – Rs 3.24 Lakhs.
- Launched EWS & LIG Homes in Omaxe Waterfront Hi-Tech City, Allahabad. The project comprises of 536 units of LIG homes & 32 units of EWS Homes in the Phase I having approx. 2.7 Lacs sq ft area. The scheme offers 1 & 2 Room units having an area of 322.8 sq.ft and 430.4 sq ft respectively. The price is ranging from Rs. 2.72 Lacs to Rs. 3.70 Lacs.
- Launched “My Homes” in Omaxe City Bhiwadi-II. The project consist of G+2 Independent Floors and Duplex Independent Villas. The G+2 floors come with an area of 100, 150 & 200 sq yd while Duplex Villas will be in the size of 100 sq yd. The total area is .45 mn sq ft and value is expected to be approx. Rs 31.34 crores.
- Launched SCO (Shopping cum Office) Spaces in Omaxe City, Rohtak. The project comprises of 50 shops with a saleable area of 0.07 mn sq ft and an expected value of approx Rs 11.12 crores.
About Omaxe Ltd.:
Omaxe Ltd is a premier real estate development and construction company with footprints in 38 cities and 10 states in India. The company currently has 53 projects under development consisting of 21 group housing projects, 21 integrated townships including a Hi–Tech township, 9 shopping malls & commercial complexes and 2 hotel projects. Another 8 ongoing infrastructure & contracting projects with a book value of over 800 crores add to the company’s portfolio of ongoing projects. The company has land bank of 4500 acres (approx.) comprising 164 mn sq ft of developable area across India. Presently, it is focusing on the construction of approx 114 mn sq ft of area out of which 50 mn sq ft has been sold. Within a short span of time the company has completed and delivered 17 projects consisting of 9 Group Housing, 2 Townships and 6 Commercial projects comprising an area of 10.68 mn sq ft.