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Omaxe Q1 net profit down 45% at Rs 25 cr

Press Trust of India  |  New Delhi 

Realty firm today reported a 45 per cent decline in consolidated net profit at Rs 24.97 crore for the first quarter ended June 30, 2017.

Its net profit stood at Rs 45.55 crore in the year-ago period, the Delhi-based firm said in a filing.

Total income, however, rose to Rs 494.49 crore in the quarter under review from Rs 452.08 crore in the corresponding period of previous year.

Commenting on the results, Omaxe's CMD Rohtas Goel said: "The first quarter is testimony of the transformation that overall economy, particularly, real estate sector is passing through with implementations of RERA and "

He said the new normal will be evident after few quarters with the impact observed and business plans and policies realigned to the new regulations.

"Amid the implementation of these reform measures, the overall economic activity was sluggish. As far as real estate sector is concerned, it is slowly recovering in the aftermath of and with enhanced consumer confidence due to RERA implementation, the recovery may be steady in coming quarters," Goel added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 18:57 IST