Omaxe Q1 net profit jumps 39 pc to Rs 21.72 cr

NEW DELHI: Real estate developer Omaxe reported a 38.70 per cent jump in its net profit to Rs 21.72 crore for the quarter ended June 30.

The company had reported a net profit of Rs 15.66 crore in the corresponding period of the last fiscal, Omaxe said in a statement.

The net sales during the first quarter increased by over two-fold to Rs 252.93 crore, compared to Rs 118.91 crore in the year-ago period, it added.

"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," Omaxe Chairman and Managing Director Rohtas Goel said.

He, however, said the company's margins were under pressure as the firm is "purely into affordable housing with average realisation being in the range of Rs 1,400-1,500 per sq ft".