Omaxe Limited PAT for FY17 up 32%, Crosses Rs 100 crore; Announces dividend of 7%

Author(s): City Air NewsNew Delhi: Omaxe Limited, one of India’s leading real estate companies, is moving from strength to strength. Despite uncertain economic environment, particularly for real estate sector, which is passing through...

cityairnews cityairnews May 30, 2017 12:30 0

Omaxe Limited PAT for FY17 up 32%, Crosses Rs 100 crore; Announces dividend of 7%
Author(s): 
City Air News
New Delhi: Omaxe Limited, one of India’s leading real estate companies, is moving from strength to strength. Despite uncertain economic environment, particularly for real estate sector, which is passing through a transformation phase, the company has registered one of the best performances in the recent years. On an annual basis, Consolidated PAT for FY 17 stood at INR 101.90 crores, a 32% jump as compared to the PAT of INR 77.09 crores for FY 16. The performance is especially noteworthy as the real estate is currently passing through a challenging period and industry is struggling with lower sales and inventory overhang.

The Board of Directors has recommended a dividend of 7% on Equity Share of INR 10 each, for the financial year ended March 31, 2017.

During FY17, the total income from operations stood at INR 1626.75 crores vis-a-vis INR 1385.73 crores during FY 16, a jump of 17%.


Financial Highlights

Particulars

FY17

FY16

% Change (Y-O-Y)

Income from Operations

1626.75

1385.73

17

EBIDTA

342.56

296.20

16

PAT

101.90

77.09

32

 

·         During FY17, the Company sold 3.2 mnsq.ft valued at INR 946 crore vis-à-vis 4.89 mnsq.ft valued at INR 1,648 crore during last year. Major contributors are residential apartments in Chandigarh, Lucknow and Ludhiana, commercial builtup in Omaxe World Street at Faridabad and Omaxe Connaught Place at Gr Noida.

 

·         During the year the company sold 0.97 mnsq.ft from new launches worth INR 352 crores. Some of them are group housing “The Resort” at New Chandigarh and “Hazratganj Residency” at Lucknow.

 

·         During FY17 the company delivered 5.0 mnsq.ft of spaces vis-à-vis 6.0 mnsq.ft delivered in FY16. Major deliveries are at Bahadurgarh (0.94 mnsq.ft), Ludhiana (0.73 mnsq.ft), Indore (0.66 mnsq.ft), Noida & Gr Noida (1.0 mnsq.ft), Chandigarh (0.45 mnsqft) amongst others.

 

·         Since, Omaxe major thrust areas are Tier II and III cities, the company has been performing better than the industry. Our track record of timely delivery and reasonable pricing has also helped our cause. Omaxe’s projects in cities like Lucknow, New Chandigarh, Faridabad, Ludhiana and Indore among others are receiving reasonable interest of the buyers. During FY17, we booked 3.20 mnsq.ft of space valued at INR 946 cr and delivered 5 mnsq.ft at various locations, which we believe is an achievement considering the overall macro-economic scenario.

 

Commenting on the FY17 results, Mr. Rohtas Goel, Chairman & Managing Director, Omaxe Limited said:

Since, Omaxe’s major thrust areas are Tier II and III cities, the company has been performing better than the industry. Our track record of timely delivery and reasonable pricing has also helped our cause. Omaxe’s projects in cities like Lucknow, New Chandigarh, Faridabad, Ludhianaand Indore among others are receiving reasonable interest of the buyers. During FY17, we booked 3.20 mnsq.ft of space valued at INR 946 cr and delivered 5 mnsq.ft at various locations, which we believe is an achievement considering the overall macro-economic scenario.

Date: 
Tuesday, May 30, 2017