Omaxe swings to net loss of Rs 36.62 crore in Q4, consolidated income from ops drops 10% to Rs 172.86 crore

Omaxe's total income rose to Rs 637.94 crore in 2021-22 fiscal from Rs 514.59 crore in the preceding financial year. (Representative image)

Delhi-headquartered realty firm Omaxe Ltd reported a net loss of Rs 36.62 crore in the January to March quarter of 2022, compared to a net profit of Rs 0.54 crore in the same period last year.

The company earned Rs 172.86 crore in the quarter ending March 2022, Rs 19.01 crore or 10 percent less than Rs 191.87 crore in the year-ago period, according to a regulatory filing.

The realty firm's net loss during FY22 narrowed to Rs 161.61 crore against a net loss of Rs 235.21 crore in 2020-21.

Omaxe said that it sold 1.58 million sq. ft. area valued at Rs 1,266 crore in FY22 compared to 2.73 million sq. ft. valued at Rs 2,051 crore in the same period last year. The sales happened in New Chandigarh, Lucknow, Faridabad, New Delhi and Ludhiana.

Total income rose to Rs 637.94 crore in the 2021-22 fiscal from Rs 514.59 crore in the preceding financial year.

Atul Banshal, Director-Finance, Omaxe Limited said he expects the company will perform better, given the growth momentum in the sector along with strong homebuyers’ sentiments.