Omaxe FY08 net up 103% at Rs 495 cr; declares 25% dividend

New Delhi, May 26 (UNI) Real estate major Omaxe Ltd today said its net profit stood at Rs 494.8 crores in fiscal 2007-08, an increase of 103 per cent from Rs 243.96 crore during the previous fiscal.

The consolidated revenue was of the order of Rs 2,307.75 crore, a hike of 60.26 per cent from Rs 1,439 crore, Omaxe Ltd CMD Rohtas Goel told a reporters here.

The company, which had its first listing recently, announced a dividend of 25 per cent.

Mr Goel said 80 to 85 per cent of the revenues of Omaxe emanate from sale of residential properties and asserted that the thrust of expansion of the company will remain Tier II and Tier III cities.

He said the consolidiated EBIDTA (Earnings before Interest, taxes, depreciation and amortisation) was of the order of Rs 680.43 crores, up by 90.98 per cent from Rs 356.28 crores.

Mr Goel said the company targets a growth rate of 25 to 30 per cent in revenues in the next three years and profits are targeted to grow by 40 per cent per annum in this period.

Mr Goel said the prices in cities like Gurgaon and Noida are due for correction, while prices in cities like Chandigarh, Ghaziabad, Bhopal and Amritsar will move up by 15 to 20 per cent in the near future. There has already been a correction in the prices of properties in Noida and Gurgaon and a further correction of five per cent is due, he said.

The Omaxe Chief said his company will concentrate on projects in States like Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Himachal Pradesh and Chattisgarh.

Mr Goel said the company has licence to build one million affordable houses in the next five years.

He said while there was adequate demand in houses of less than Rs 30 lakhs and luxury apartments of Rs one crore and above, while the demand was limited in the segments ranging between Rs 30 lakhs and Rs one crore.

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