Omaxe's gross debt rises by 5 per cent to Rs 1,147 cr during December quarter

NEW DELHI: Realty firm Omaxe Ltd's gross debt increased by over 5 per cent to Rs 1,147 crore as on December 31, 2014 compared Rs 1,087 crore as on September 30, 2014.

In a presentation to investors, the national capital-based developer also informed that the company has to make debt repayment of Rs 201 crore in this quarter.

On operational performance, Omaxe said that sale bookings fell by 42 per cent to 1.18 million sq ft during October- December as against 2.05 million sq ft in the year-ago period.

Bookings dropped by 17 per cent to Rs 473 crore from Rs 570 crore during the period under review.

Area delivered stood at 0.34 million sq ft during the third quarter of this fiscal.

In the first nine months of this fiscal, sales bookings fell by 47 per cent to 2.87 million sq ft, while the decline was 32 per cent in value terms at Rs 1,145 crore.

The company delivered 2.5 million sq ft of area across various projects during April-December period.

On outlook, Omaxe Chairman and Managing Director Rohtas Goel said the company would focus on new launches and delivery in projects in New Chandigarh, Lucknow and Noida among others.

"We expect the demand scenario to improve in the next 3-6 months," he added.

Last week, the company reported a 14 per cent decline in its consolidated net profit at Rs 13.92 crore for the quarter ended December 2014 against Rs 16.25 crore in the year-ago period.
Income from operations fell by 10 per cent to Rs 307.71 crore in the third quarter of this fiscal compared to Rs 342.04 crore in the corresponding period of the previous year.

Omaxe has presence in 9 states across 30 cities. With about 92.6 million sq ft of delivered space in both real estate and construction contracting, the company is currently undertaking 42 real estate projects - 14 group housing, 18 townships and 10 commercial.