Omaxe Ltd, a leading real estate developer in North India, reported a consolidated net loss of INR 145.05 crore in the quarter ending March 2024, despite a significant 82% rise in total income during the same period. The company's annual performance was also marked by a widening net loss, even as its total income more than doubled. Nonetheless, Omaxe remains committed to its growth strategy, announcing the development of a INR 1,500 crore integrated multi-sport facility in Delhi's Dwarka area and planning to launch new projects across Tier II and Tier III cities in the coming years with an investment of INR 4000 crore.
Real estate firm Omaxe Ltd reported a consolidated net loss of INR 145.05 crore in the quarter ending March 2024, despite an increase in income. The company had posted a net loss of INR 105.47 crore in the corresponding period of the previous year.
Total income rose 82% to INR 542.32 crore in the fourth quarter of the last fiscal year, up from INR 298.17 crore in the same quarter of the previous year.
During the 2023-24 fiscal year, Omaxe recorded a net loss of INR 402.60 crore, compared to a net loss of INR 347.91 crore in the preceding year. Total income more than doubled to INR 1,634.88 crore in the last fiscal year, up from INR 798.01 crore in 2022-23.
Omaxe, one of the leading real estate developers in North India, recently announced that its wholly-owned subsidiary, Worldstreet Sports Centre Ltd, will develop an integrated multi-sport facility worth around INR 1,500 crore in Delhi's Dwarka area. The project, being built under a public-private partnership with the Delhi Development Authority (DDA), will include an indoor stadium, an international cricket stadium, a retail and hospitality hub, and areas dedicated to cricket and football.
The company plans to fund the construction through internal accruals and expects a revenue of around INR 2,500 crore from the sale of retail units.
Omaxe Group started its journey in 1987 when Rohtas Goel laid the foundation for a construction and contracting business. The company has delivered over 132 million square feet of real estate space.
In November 2023, Goel announced plans to launch projects spread over approximately 1,200 acres across Tier II and Tier III cities in Uttar Pradesh, Madhya Pradesh, and Punjab in the next four years, with an expected investment of around INR 4,000 crore. The company is also planning to launch projects in Lucknow, Indore, Amritsar, and other cities in the near future.
Despite the challenges faced in the recent fiscal year, Omaxe's ambitious expansion plans and diversification into new projects, such as the Worldstreet Sports Centre, showcase the company's resilience and determination to navigate the dynamic real estate landscape. As the company continues to pursue its growth strategy, it will be crucial for Omaxe to address the factors contributing to its net losses and optimize its operations to capitalize on the growing demand in the sector.
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