Omaxe Ltd Q4 FY21 Consolidated Income from Operations at Rs. 191.87 crore

Omaxe Limited, one of India's leading Real Estate Development Companies, headquartered in Delhi, reported Consolidated Income from Operations of Rs. 191.87 cr. for the quarter ended March 31st 2021 as compared to Rs. 355.38 cr. for the quarter ended March 31st 2020. Consolidated Net Profit for quarter ended March 31st 2021 stood at Rs 0.54 cr. as compared to a loss of 126.39 cr. posted in the quarter ended March 31st 2020.

Operational Highlights:

- The Company during the 12 months sold 2.73 million sq. ft. valued at Rs. 2051 cr. visa-vis 4.99 mn sq.ft valued at Rs 1738.75 crore in the same period last year. Major sales include Delhi, Ludhiana, Lucknow and New Chandigarh amongst others.

- Company has delivered 2.71 mn sq.ft in FY21 vis-d-vis 6.51 mn sq.ft in FY20. Major Deliveries are in Noida/Greater Noida, New Chandigarh, Indore, Ludhiana, Jaipur, Palwal.

Commenting on the Q4 FY21 & FY21 results, Mr. Rajan Gupta, Vice President (Business Development & Corporate Strategy), Omaxe Limited said: The COVID-19 induced lockdown brought the economy to a complete standstill leading to a disruption in cash flows, customer sentiments and stoppage in construction activities due to migration of labours thereby heavily impacting the real estate sector in the first half. In the second half, on the back of low interest rates and bottomed out property prices, demand was restored across several sectors of the economy including real estate but the overall impact of COVID was severely felt on the real estate sector.

The company's good brand equity in tier 2/3 cities helped its projects in Delhi, Ludhiana, Lucknow and New Chandigarh perform as per its potential. These centres will be a propeller for future demand, construction, possession and strategic project expansion of the company going forward.

The company delivered 2.71 million sq. ft. across various projects in FY21. The company also provided financial incentives to customers facing difficulties during the year. Besides, the company enhanced its social efforts during COVID to provide relief to construction workers, Customers, associates and the society at large.

Commenting on the outlook for FY22, Mr. Rajan Gupta, Vice President (Business Development & Corporate Strategy) Omaxe Limited, said: The first quarter of FY 2021-22 is expected to be severely impacted due to the restricted lockdowns imposed by various state governments as a result of the second wave of COVID-19 pandemic. Going forward, an immediate revival of demand like last year looks unlikely since consumers are cautious in their purchases due to emotional and financial disruption. However, the government's preparations for a possible third wave and the vaccination roll-out will determine how the customer sentiments which can lead to restoration of demand.

A healthy mix of our residential and commercial projects, which performed well last year, will continue to remain a priority with construction and possession being on top of the company's endeavor in this financial year.

Shares of OMAXE LTD. was last trading in BSE at Rs.81.1 as compared to the previous close of Rs. 80.1. The total number of shares traded during the day was 4943 in over 100 trades.

The stock hit an intraday high of Rs. 81.35 and intraday low of 79.5. The net turnover during the day was Rs. 397256.

Source : Equity Bulls

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