Omaxe eyes 20% rise in sales booking in FY15 at over Rs 2500cr

Realty firm Omaxe is expecting about 20% increase in sales bookings this fiscal at over Rs 2,500 crore.

The company's sales bookings fell by 11% during last fiscal to Rs 2,107 crore against Rs 2,373 crore in the year before.

In terms of volume, sales bookings fell by 31% to 7.83 million sq ft in 2013-14 fiscal. However, the average realisation grew by 29% to Rs 2,692 per sq ft.

Giving outlook of sales bookings for the current 2014-15 fiscal in a conference call with analysts, Omaxe's CEO Mohit Goel said: "...In terms of bookings which were Rs 2,100 crore last year, we are expecting a jump of around 20%".

"In terms of area, it is going to be very difficult for me to give you the area because this year we sold around 7 million square feet. Probably again we will be expecting around 8 to 9 million square feet but the average realization, average rate per square feet would increase. So, that is why our revenues would increase," he added.

Omaxe's net profit fell by 26% at Rs 78.52 crore during 2013-14 fiscal against Rs 105.68 crore in the previous year. Consolidated income from operations declined 22% to Rs 1,623 crore as against Rs 2,078 crore during the period under review.

On the debt status, Goel said: "As of March 31, 2014, the gross debt equity ratio of the company stood at 0.48, while the net debt equity ratio for the company stood at 0.37. Gross Debt for FY'14 stood at Rs 1,049 crore, while the net debt stood at Rs 806 crore."

Delhi-based Omaxe has presence in nine states across 30 cities. It is executing about 125 mn sq ft of area currently, comprising 14 group housing, 18 integrated township and 10 commercial projects.