Omaxe Q2 net profit down 21% at Rs 18.5 cr

Realty firm Omaxe on Tuesday reported 21 per cent decline in its consolidated net profit at Rs 18.53 crore for the September quarter of the current fiscal. Its net profit stood at Rs 23.43 crore in the year ago period, the company said in a statement. The consolidated income from operations rose by 10 per cent to Rs 359.1 crore in the second quarter of this fiscal from Rs 326.75 crore in the corresponding period of the previous year. Rohtas Goel, CMD, Omaxe said, “Along with RERA and GST, the sector is witnessing biggest transformation in the history and it may take a few quarters for normalisation with business plans and policies being realigned to the new regulations. Overall, the tier II and III cities are outperforming the major metros; and since Omaxe's thrust areas are Lucknow, New Chandigarh, Faridabad, Ludhiana and Indore among others, the company has been performing better than the industry.”