The Indian economy, like other world economies, went through its worst phase in 2020-21 due to the COVID-19 pandemic with GDP contracting 7.3%. The April-June quarter was badly hit due to the national lockdown. The economy gradually picked up and by the fourth quarter, there was a significant jump in consumer sentiments, demand, and other economic indicators.
Omaxe, one of India’s leading real estate companies, during the last financial year recorded sales of Rs 2051 cr, up 18%. The company’s digitisation efforts helped considerably in reaching the right audience. The sales came mainly from projects like Omaxe Chowk in Delhi, Omaxe New Chandigarh, and projects in Lucknow and Ludhiana. In fact, 70% of these sales came from commercial spaces.
“The company’s good brand equity in tier 2/3 cities helped its projects in Delhi, Ludhiana, Lucknow, and New Chandigarh perform as per their potential. These centers will be a propeller for future demand, construction, possession, and strategic project expansion of the company going forward,” said Rajan Gupta, VP (Business Development & Corporate Strategy), Omaxe Ltd.
In a year which saw disruption in supply of labour and raw materials due to the lockdown, the company delivered 2.71 million sq. ft. Noida/Greater Noida, New Chandigarh, Indore, Ludhiana, Jaipur, Palwal. The total delivery now stands at 126.15 million sq. ft. as on March 2021 comprising real estate and construction contracting.
“A healthy mix of our residential and commercial projects, which performed well last year, will continue to remain a priority with construction and possession being on top of the company’s endeavor in this financial year,” Gupta added.
The company also reduced its debt to Rs 1396 cr in 2020-21 from Rs 1490 cr in 2019-20. The company reported Consolidated Income from Operations of Rs. 191.87 cr for the quarter ended March 31st, 2021, and Consolidated Net Profit for the quarter ended March 31st, 2021 stood at Rs 0.54 cr.