Omaxe's consolidated net profit down 14 percent

Real estate developer Omaxe reported a decline of 14 percent in its consolidated net profit for the quarter ended Dec 31 2015 which stood at Rs.13.92 crore from Rs.16.25 crore in the corresponding quarter of last fiscal.

According to the company, its consolidated income decreased by 10 percent at Rs.307.71 crore during the quarter under review from Rs.342.04 crore earned in the quarter ended Dec 31, 2013.

However, the company's EBITDA (earnings before interest, taxes, depreciation and amortization) in the quarter under review increased by 17 percent at Rs.65.11 crore from Rs.55.79 crore in the corresponding period of last fiscal.

"Overall we believe the economy has begun showing green-shoots, however implementation of reforms has to be hastened; investment and demand has to be stroked and that's when real estate like other sectors will pick up," said Rohtas Goel, chairman and managing director, Omaxe.

"The budget is going to be extremely crucial from the real estate point of view as well with many reforms and implementation measures to be announced. Smart City is one such."

Goel added that the company will focus on new launches and delivery of its projects in New Chandigarh, Lucknow, Noida amongst others.

The company added that it expects the demand scenario to improve in the next 3-6 months.