Omaxe Q2 profit falls 24% to Rs 14 cr

Realty firm Omaxe today reported 24 per cent decline in its consolidated net profit at Rs 13.88 crore for the second quarter ended September 30, 2014-15.
It had posted net profit of Rs 18.15 crore in the July- September period of the last fiscal.
The Q2 income from operations, however, rose by 4 per cent to Rs 378.92 crore, from Rs 365.45 crore in the second quarter of 2013-14.
Omaxe is currently undertaking 42 real estate projects - 14 group housing, 18 townships and 10 commercial.
"Due to the General Elections, the initial months of the first half of the fiscal was marked by postponement of investment and purchase cycle," Omaxe CMD Rohtas Goel said in a statement.

"However, with the emergence of a stable government at the centre and a slew of measures like REIT, Smart Cities, affordable housing norms etc, there was a renewed spurt in enquiries," he added.