Omaxe sales bookings up 24% at Rs 1,123 cr in H1 of this fiscal

The company had achieved sales bookings of Rs 908 crore during April-September of last fiscal

Realty firm Omaxe Ltd has sold properties worth Rs 1,123 crore during the first six months of this fiscal, up by 24% from the year-ago period.

It had achieved a sales bookings of Rs 908 crore during April-September of last fiscal, the national capital-based Omaxe said in a investors presentation.

Sales booking have risen on the back of 70% jump in the average realisation at Rs 3,368 per sq ft.

In terms of volume, sales bookings fell by 27% at 3.34 million sq ft in the first six months of 2013-14 fiscal against 4.58 million sq ft in the year ago period.

"Plots and floors in Chandigarh and group housing in Noida, Faridabad and Bahadurgarh and commercial built-up at Chandigarh, Ludhiana and Greater Noida contributed majorly towards the revenues for H1 FY14," Omaxe said in presentation.

Its gross debt has come down to Rs 1,025 crore as on September 30 from Rs 1,090 crore at the end of June quarter. The company has to repay Rs 128 crore in this quarter.

Consolidated income from operation for the half year is Rs 767.12 crore against Rs 829.94 crore in the corresponding period last year, down by 7.6%.

The profit after tax for H1 of this fiscal is at Rs 37.19 crore against Rs 41.16 crore over the corresponding period last year, down by 9.6%.

Omaxe has presence in 30 cities across 9 states. It is developing 41 projects' 13 group housing, 19 townships and nine commercial projects.

Recently, Omaxe announced issue of 10 bonus shares to public shareholders for every 39 shares held by them in order to meet market regulator Sebi's norm on minimum 25% public shareholding.

Promoters had 89.14% stake in Omaxe as on March 31. After four-round of Offer For Sale (OFS), Omaxe is still required to increase public shareholding by about 4%.

"On the Minimum Public Shareholding front, we concluded the Offer for Sale (OFS) Program by diluting our stake by 10.12%. The proceeds of the OFS (approx Rs 242 crore) are being ploughed back into the company," Omaxe CEO Mohit Goel told analysts.