Omaxe Q2 FY11 net sales up by 58% at Rs 354 cr

PAT up by 63% at Rs 36.7 cr

For the Quarter:

• Revenues increased by 59% to Rs. 358 crore 
• EBIDTA increased by 39% to Rs. 83.7 crore
• PAT increased by 63% to Rs. 36.7 crore

For the Half year:

• Net sales for the six months was at  Rs. 607 crore, up by 77%
• EBIDTA was at Rs. 136 crore, reflecting 27 % growth
• PAT at Rs. 58 crore, registered a  growth of 56 %
• Earnings per share at Rs. 3.37

Omaxe Ltd., a premier real estate development company in India today reported net sales of Rs. 354 crore for the quarter ended September 30, 2010 compared to Rs. 224 crore in corresponding period of last fiscal year, registered a growth of 58%.

Net Profit for the quarter stood at Rs. 37 crore, a growth of 63% as compared to Rs. 23 crore posted in the same period of last fiscal year. Earnings per share (EPS) increased by 63% to Rs. 2.12/- as compared to Rs.1.30/- in corresponding period of last fiscal year. However, the operating margin for Q2 FY11 was at 29% as against 35% in Q2 FY10

Net sales for the 6 months ended September 30, 2010 grew by 77% to Rs. 607 crore as compared to Rs. 343 crore in the corresponding period of last fiscal year, while net profit increased by 56% to Rs. 58 crore, as compared to Rs. 37 crore posted in the same period of last fiscal year.

Earnings per Share (EPS) worked out to Rs. 3.37/- as compared to Rs. 2.16/- for the same period of last fiscal year, registered an increase of 56%.

Major Developments:
Omaxe Infrastructure and Construction Limited (OICL), a wholly-owned subsidiary of the Company has bagged

• a contract for Construction of Residential Accommodation at MHOW, Indore (M.P.). The contract has been awarded by DGMAP, Kashmir House, Rajaji Marg, New Delhi. The project is pegged at Rs. 202.72 crore.
• a contract from Greater Mohali Area Development Authority (GMADA), SAS Nagar for Construction of 200' wide road and three high level bridges in Punjab. The contract is approx. Rs. 70.43 crore. 
• a contract from DGMAP, Ministry of Defence to construct a residential complex at Nagrota, Jammu and Kashmir. The project is valued at Rs. 127.93 crore.

Commenting on the results, Mr. Rohtas Goel, Chairman & Managing Director, Omaxe Group said, “As expected second quarter performance is better than the first quarter largely because of the construction activity remained in full swing. Stress on operating margin is because of rise in demand for built-up units where the construction cost is higher as compared to plotted development. We are focusing more on deliveries and in half-year period we offered possession for more than 7 million sq. ft. of sold area. We are satisfied with the growth of OICL, which at present has order book of over Rs. 1250 crore. We have recently ventured into construction of roads & bridges and going forward we expect more projects in this vertical.”

About Omaxe Ltd.:
Over the past 22 years, Omaxe has established a permanent niche for itself in the real estate and construction sector by means of diverse range of well-planned residential and commercial projects. The company at present has 52 projects under execution and planning. Among these are 21 integrated townships including a Hi-Tech township, 20 group housing projects, 9 shopping malls & commercial complexes, and 2 hotels. There are 11 ongoing infrastructure & construction contracting projects. Moreover, the company has already delivered 17 projects across the nation, covering sprawling 10.68 million sq. ft of total area, counting 9 group housing, 2 townships and 6 commercial projects. Omaxe has progressed with leaps and bounds already making its presence felt in 40 cities and 11 states across the country.