Omaxe sells properties worth Rs 1,228 cr in FY18, up 30% from FY17

Realty firm Omaxe Ltd's sales booking rose by 30 per cent to Rs 1,228 crore last fiscal on higher volumes even as the company's average sales realisation dropped.

According to an investors presentation, the company sold 4.98 million sq ft space last fiscal, up 56 per cent from 2016-17.

In terms of value, sales booking increased to Rs 1,228 crore in 2017-18 from Rs 946 crore in the previous fiscal. Out of total sales, housing segment contributed Rs 918 crore while the commercial space accounted for Rs 310 crore.

The average sales realisation fell by 17 per cent to Rs 2,464 per sq ft from Rs 2,956 a sq ft during the review period.

Omaxe Ltd last week reported a consolidated net profit of Rs 18.98 crore for the quarter ended March, a rise of 33 per cent as compared to Rs 14.32 crore in the year-ago period.

Its income from operations rose by 9 per cent to Rs 490.70 crore for the quarter ended March as compared to Rs 451.92 crore in the corresponding period of the previous year.

On an annual basis, Omaxe's net profit dropped to Rs 83 crore during the last fiscal from Rs 105 crore in the previous year but turnover went up to Rs 1,898 crore from Rs 1,686 crore.

With about 110.8 million sq ft of delivered space in both real estate and construction contracting, the company is currently undertaking 19 real estate projects - four group housing, nine townships and six commercial.