Omaxe, a real estate developer sees debt reduction of the company by March 31. The company expects the debt to fall to Rs 880 - 890 crore on repayments and cash flow from operations. The company has got a target of repayment of another Rs 400 crore for the next nine months. The company could also borrow fresh money for new projects and effectively it will see repaying net of Rs 200-250 crore in the next nine months.
Further, Omaxe expects to sell 2.2-2.5 million square feet of space in July-Sept quarter. The company has also booked 2.62 million square feet in June quarter.
The company’s net profit after tax for the quarter ended June 30, 2011 declined by 31.19% at Rs 12.53 crore as compared to Rs 18.21 crore for the corresponding quarter last year. Its total income fell 33.11% at Rs 241.32 crore for the quarter under review from Rs 181.29 crore for the same quarter last year.
Omaxe started operations as a civil construction and contracting company and has executed over 120 prestigious industrial, institutional, commercial, residential and hospital construction projects. In the year 2001, the company entered the real estate development business. Today it is among the large real estate development companies in India.