Omaxe sells commercial, housing properties worth Rs 2,051 cr last fiscal

This was mainly on the back of better demand for its commercial projects in the national capital and Chandigarh.

Realty firm Omaxe has sold properties worth Rs 2,051 crore in 2020-21, up 18 per cent from the previous fiscal, mainly on the back of better demand for its commercial projects in the national capital and Chandigarh.

Omaxe is developing a multi-level parking cum commercial project Omaxe Chowk at Chandni Chowk in the national capital.

"Our sales bookings in value terms increased to Rs 2,051 crore during the last fiscal from Rs 1,738.75 core in 2019-20 financial year," Omaxe Ltd Vice President (Business Development & Corporate Strategy) Rajan Gupta told PTI.

Out of the total sales bookings, about 70 per cent contribution came from commercial projects in Delhi and new Chandigarh. The remaining sales came from housing projects at Ludhiana, Lucknow and New Chandigarh, he said.

In volume terms, however, sales fell to 2.73 million sq ft from 4.99 million sq ft.

Omaxe delivered only 2.71 million sq ft across various projects in FY21 as against 6.51 million sq ft in the previous fiscal because of the nationwide lockdown to control the COVID-19 pandemic.

Gupta said the company would focus on expediting construction activities during the current fiscal.

On debt, Gupta said it has declined to Rs 1,396 crore from Rs 1,490 crore at the end of 2019-20.

Recently, Omaxe reported a consolidated net profit of Rs 1.11 crore for the quarter ended March due to lower-income amid the COVID-19 pandemic.

The Delhi-based firm had posted a net loss of Rs 126.26 crore in the year-ago period.

Total income fell to Rs 191.87 crore in the fourth quarter of the last fiscal from Rs 355.38 crore in the corresponding period of the previous year, according to a regulatory filing.

For the full 2020-21, Omaxe clocked a net loss of Rs 233.93 crore against a net loss of Rs 97.33 crore in the previous year.

Total income, too, declined to Rs 514.59 crore in the last fiscal from Rs 1,155.63 crore in 2019-20.