Sales turnover for Omaxe Realty firm to increase in the current fiscal
Post the formation of the new government, there is a positive sentiment in the realty market and the Delhi based realty firm Omaxe also wants to make the most of this positive sentiment. The firm which has a presence in nine states across 30 cities is expecting about 20 % increase in sales bookings in this fiscal of 2014-15 at over Rs 2,500 crore compared to Rs 2100 Crore in the last fiscal. During FY 14, the company’s sales turnover had reduced by 11% to Rs 2,107 crore against Rs 2,373 crore in the year before.
In terms of volume, sales bookings fell by 31% to 7.83 million square feet in the 2013-14 fiscal. However, the average realisation grew by 29 % to Rs 2,692 per square feet.
During a conference call with analysts, Omaxe’s CEO Mohit Goel talked about these figures and showed confidence about the upward market trend. He also mentioned that in terms of area, it is going to be very difficult to talk about the increase in sales; however it may be around 8 to 9 million square feet. The average realization, average rate per square feet would increase. Hence the revenues would increase.
Omaxe’s net profit fell by 26 % at Rs 78.52 crore during 2013-14 fiscal against Rs 105.68 crore in the previous year. Consolidated income from operations reduced 22 % to Rs 1,623 crore as against Rs 2,078 crore during the period under review.
As of March 31, 2014, the gross debt equity ratio of the company stood at 0.48, while the net debt equity ratio for the company stood at 0.37. Gross debt for FY’14 stood at Rs 1,049 crore, while the net debt stood at Rs 806 crore.
Source- Financial Chronicle
