Omaxe Q4 net more than doubles at Rs 23.73 crore
New Delhi: Realty firm Omaxe on Wednesday reported a more than two-fold jump in its consolidated net profit at Rs 23.73 crore for the quarter ended March 31, 2012 as against Rs 11.67 crore in the year-ago period.
The income from operations increased by six per cent to Rs 603.58 crore in the fourth quarter of 2011-12 as compared with Rs 568.60 crore in the corresponding period of previous year.
The net profit in 2011-12 fiscal fell by three per cent at Rs 90.38 crore against Rs 92.71 crore in previous year.
Income from operations rose by 21 per cent to Rs 1,848.75 crore in 2011-12 as compared to Rs 1,525.94 crore in 2010-11 fiscal.
"The fiscal year 2011-12 was challenging due to high inflation and high interest rates still prevalent in the economy. However, the Company's vast presence in Tier II and III cities and its proven track record of delivery has made it possible to sell projects even in high interest rate regime," Omaxe Chairman and Managing Director Rohtas Goel said in a statement.
The demand continued to be robust in Tier II and III cities like Ludhiana, Indore, Lucknow and New Chandigarh, he added.