Realty firm Omaxe today reported a 45 per cent decline in consolidated net profit at Rs 24.97 crore for the first quarter ended June 30, 2017. Its net profit stood at Rs 45.55 crore in the year-ago period, the Delhi-based firm said in a BSE filing. Total income, however, rose to Rs 494.49 crore in the quarter under review from Rs 452.08 crore in the corresponding period of previous year. Commenting on the results, Omaxe's CMD Rohtas Goel said: "The first quarter is testimony of the transformation that overall economy, particularly, real estate sector is passing through with implementations of RERA and GST." He said the new normal will be evident after few quarters with the impact observed and business plans and policies realigned to the new regulations. "Amid the implementation of these reform measures, the overall economic activity was sluggish.
As far as real estate sector is concerned, it is slowly recovering in the aftermath of demonetisation and with enhanced consumer confidence due to RERA implementation, the recovery may be steady in coming quarters," Goel added.
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