Omaxe Q2 net profit up 40% at Rs 19.46 cr

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Realty firm Omaxe today reported a 40 percent increase in consolidated net profit at Rs 19.46 crore for the quarter ended September. Its net profit stood at Rs 13.88 crore in the year-ago period, Omaxe said in a statement. Income from operations grew by 8 percent to Rs 409.53 crore in July-September period of this fiscal from Rs 378.92 crore in the corresponding period of the previous year.

On operational front, Omaxe said that the company during the quarter sold 1.24 million sq ft of area valued at Rs 401 crore against 1.06 million sq ft valued at Rs 471 crore in the same quarter last year. During the July-September quarter, the company delivered 2.56 million sq ft of spaces against 1.2 million sq ft delivered in Q2 of FY15. Commenting on the result, Omaxe CMD Rohtas Goel said, "Non-metros have witnessed good demand from end-users, mainly in cities like Chandigarh, Lucknow, Ludhiana and Indore." While there was a slight reduction in lending rates this quarter, he said it seems too little to impact consumer sentiment.

"For the upcoming festive season, if the banks and housing finance companies proactively pass on the interest rate cuts to the customers, we may see some uptick in customers queries, and sales," Goel said.