Omaxe Ltd., the real estate and infrastructure development company has reported Consolidated Net Sales of Rs. 347.97 crore for the quarter ended December 31st 2010 as compared to Rs. 280.20 crore for the quarter ended December 31st 2009, registering a growth of 24.2%.
Consolidated Net Profit for the quarter stood at Rs. 22.57 crore, reduced by 20.7% as compared to Rs. 28.46 crore posted in the quarter ended December 31st 2009. Earnings per share (EPS) for the quarter stood at Rs. 1.30.
Commenting on the Q3 FY11 results, Mr. Rohtas Goel, CMD, Omaxe Ltd. said, “The sales for the quarter are Rs. 348 crores as against Rs. 280 crores for the corresponding quarter of last year, registering a growth of 24%. However, the company’s profit margins have declined because increased proportions of sale have been made on down payment basis resulting in lower realizations with improved cash flows.
Fresh bookings continued to be robust and 2.71 mn sq. ft. was booked during the quarter ended 31st Dec. 2010 taking the aggregate booked area to 7.61 mn sq. ft. for the present fiscal year. At the same time we have sent offer for possession for additional 2.91 mn sq. ft. in the quarter under review with total area offered for possession going up to 10.05 mn sq. ft. for nine months ended 31st Dec. 2010. We are happy that our strategy to focus on affordable housing in Tier II & III cities is bearing fruits for us and we are confident that sales shall continue to be buoyant in coming quarters.”
