Omaxe sales bookings up 55% to Rs 2,373 cr in FY'13

NEW DELHI: Realty firm Omaxe's sales booking increased by 55 per cent during last fiscal to Rs 2,373 crore as it sold more area at a higher rate.

In an analyst presentation, the company said it has sold 11.39 million sq ft of area during 2012-13 fiscal for a sales value of Rs 2,373 crore against 8.83 million sq ft area for Rs 1,526 crore in the previous financial year.

The average price realisation rose by 20 per cent during the last fiscal at Rs 2,083 per sq ft against Rs 1,729 per sq ft in 2011-12 fiscal.

Out of total sales bookings, Rs 493 crore was from commercial segment and rest Rs 1,880 crore from residential that includes built-up area and plots. The company launched 7.54 million sq ft of area during last fiscal.

Omaxe's gross debt stood at Rs 1,082 crore at the end of March 2013 and it has to pay Rs 147 crore in the next three months, the presentation said.

The company's net profit rose by 17 per cent to Rs 106 crore in 2012-13 fiscal against Rs 90 crore in the year-ago period. The income from operations increased by over 12 per cent to Rs 2,078 crore in last fiscal from Rs 1,849 crore in the previous year.

Recently, Omaxe has failed to comply with the market regulator SEBI's guidelines on minimum 25 per cent public shareholding in the private listed companies by June 3.

Promoters were able to reduced their stake to 83.79 per cent from 89.14 per cent after two rounds of Offer for Sale (OFS), which were under-subscribed.

Omaxe has presence in 30 cities across nine states. It is developing 13 group housing projects, 19 integrated township, 9 commercial malls.