Omaxe Q4 net profit drops 19% to Rs 20.24 cr

Realty firm Omaxe today reported a 19 per cent decline in its consolidated net profit to Rs 20.24 crore for the quarter ended March 31.
Its net profit stood at Rs 25.09 crore in the year-ago period, Omaxe said in a filing to the BSE.
Income from operations fell by 20 per cent to Rs 413.65 crore during the fourth quarter of 2014-15 from Rs 513.97 crore in the corresponding period of the previous fiscal.
For the full 2014-15 fiscal, Omaxe's net profit fell by 23 per cent to Rs 60.07 crore from Rs 78.52 crore in the previous year.

The company's income from operations declined by 12 per cent to Rs 1,431.09 crore during 2014-15 from Rs 1,623.03 crore in the previous fiscal.
"The tough economic environment continues, however with a new majority Government at the Centre, there was some improvement in investor sentiments backed by measures for the housing sector. However, homebuyers have preferred a wait and watch policy due to high interest rates," Omaxe CMD Rohtas Goel said.
Omaxe is currently developing 39 real estate projects - 13 group housing, 16 townships and 10 commercial.