After a year of getting listed, realty major Omaxe Ltd posted a jump of 102.85% in its net profit at Rs 494.87 crore for the fiscal ended March 31, 2008 as compared to Rs 243.96 crore in 2006-07. The company’s total revenues went up by 60.26% to Rs 2,307.75 crore as against Rs 1,439.92 crore in financial year 2006-07. Omaxe announced a dividend of 25% on equity shares for the financial year ended March 31, 2008.
The company plans to raise $0.5 billion (about Rs 2,000 crore) through private placement for funding its existing and future real estate projects. “Talks are going on with domestic and global merchant bankers for private placement of around $0.5 billion,” said Rohtas Goel, CMD, Omaxe Ltd. Goel, however, refused to divulge further details about the timing of placement.
According to Vipin Aggarwal, executive director, Omaxe, “This is in line with Omaxe’s plan to offload around 10-20% stake in the firm.”
Omaxe had recently announced that it would develop 10 lakh affordable housing in the next five years at an estimated investment of Rs 80,000 crore.
“In the first phase of the affordable house project, which will be completed in next three years, the company will acquire 2,000 acres of land to build over 1 lakh houses in the northern part of the country,” says Goel, adding that these would be priced in the range of Rs 3 lakh to Rs 30 lakh and would take the company’s total land bank to 5,600 acres. Omaxe is eyeing a growth of 25-30% in revenue and over 40% growth in net profit over the next three years.
