Realty company Omaxe announced Q3FY22 results: The company reported Consolidated Income from Operations of Rs 179.83 cr for the quarter ended December 31st, 2021 as compared to Rs 102.56 cr for the quarter ended December 31st, 2020, a rise of 75.34% Consolidated Net Profit (loss) for the quarter ended December 31st, 2021 stood at (Rs 38.56) cr, a fall of 59.51% as compared to (Rs 95.24) cr posted in the quarter ended December 31st, 2020 The Company sold 0.67 mn sq. ft valued at Rs 348.08 crore in Q3 2021-22 The Company delivered 0.56 million sq. ft. in Q3 2021-22 and 1.74 mn sq. ft in 9M 2021-21. Commenting on the Q3 FY22 results and way forward, Mr. Atul Banshal, Director Finance, Omaxe Limited said: "The festive quarter has shown good growth in home sales across geographies. The demand has been broad-based and on a consistent upward trajectory. For Omaxe, new customers with niche taste have contributed to the demand in State Capitals and Tier 2/3 cities. As a result, cities like Ludhiana, Lucknow, New Chandigarh, Indore etc. have shown faster and strong recovery. The 3rd wave of COVID-19 pandemic hasn’t deterred market sentiments and the real estate sector and the economy in general have displayed a good performance. With the focus of Government and businesses shifting into State Capitals and tier 2/3 cities, we are hopeful of good growth from these cities. In the coming months, the recovery will further strengthen and home sales and delivery will continue unabated." Result PDF
Highlights: Reported Consolidated Income from Operations of Rs 183.78 cr for the quarter ended September 30th, 2021 as compared to Rs 155.04 cr for the quarter ended September 30th, 2020, a rise of 18.54%. Consolidated Net Profit (loss) for the quarter ended September 30th, 2021 stood at (Rs 42 cr), arise of 45.16% as compared to (Rs 76.58 cr) posted in the quarter ended September 30th, 2020. Commenting on the Q2 FY22 results, Mr. Mohit Goel, Managing Director, Omaxe Limited said "The economy, after a weak first quarter, is moving on an upward trajectory and this is quite an encouraging sign for businesses. The real estate sector has bounced back strongly in the post-COVID era. Market sentiments have shown greater desire on the part of homebuyers to own a home. Retail spaces are seeing an increase in footfall even as mall leasing is on the rise. Our Q2 results reflect the company’s sustained momentum over the past several years in both residential and commercial spaces in the cities where we are executing projects. Alltime low-interest rates, government incentives coupled with other favorable factors have been instrumental in driving demand." Result PDF