Omaxe Q1 net profit rises 40% to Rs 16.83 crore

Realty firm Omaxe today reported 40 per cent rise in its consolidated net profit at Rs 16.83 crore for the quarter ended June 30 on lower finance cost.
The company had posted a net profit of Rs 12.03 crore in the year-ago period, Omaxe said in BSE filing.
Income from operations rose marginally to Rs 334.41 crore in the first quarter of this fiscal from Rs 330.8 crore in the corresponding period, it added.
Finance cost declined to Rs 33.48 crore from Rs 39.03 crore during the period under review.
Commenting on the results, Omaxe Chairman and Managing Director Rohtas Goel said: "Our projects in Lucknow and New Chandigarh continue to receive good response even in such subdued market conditions and we have identified these markets as future growth engines for the company."

During the first quarter of financial year 2015-16, Omaxe booked 1.54 million sq ft of space valued at Rs 658 crore and delivered 1.25 million sq ft at various locations, he added.
"Our forte in affordable housing has helped us create customer base in non-metro cities from the service and business class that continue to dominate the consumption and growth of these cities," Goel said.
Omaxe is currently undertaking 39 real estate projects, of which 13 are group housing, 16 townships and 10 commercial complexes.