Realty Firm Omaxe Cuts Gross Bebt by 213 Crore Last Fiscal

New Delhi: Realty firm Omaxe has reduced its gross debt by 213 crore in the last fiscal to 1,339.55 crore from internal accruals.

According to investors presentation, Omaxe's gross debt has come down to 1,339.55 crore as on March 31, 2012 from 1,552.3 a year-ago.

The debt-equity ratio has been brought down to 0.76 in 2011-12 fiscal from 0.93 in the previous financial year.

The scheduled debt repayment for the current fiscal stands at 530.39 crore, it added.

Omaxe sold 8.82 million sq ft worth 1,526 crore in the last fiscal. In 2010-11 fiscal, it had sold 9.76 million sq ft for 1,709 crore. The sales realisation has declined to 1,729 per sq ft in 2011-12 from 1,751 in the previous fiscal.

Last week, the company had reported more than two-fold jump in consolidated net profit for the quarter ended March 31, 2012 at 23.73 crore as against 11.67 crore in the year-ago period.

The income from operations grew by six per cent at Rs 603.58 crore in the fourth quarter of last fiscal compared to 568.60 crore in the corresponding period of previous year.

In 2011-12 fiscal, the net profit fell marginally to 90.38 crore as compared with 92.71 crore in previous year. But, income from operations rose by 21 per cent at 1,848.75 crore in FY'12 as compared to 1,525.94 crore in 2010-11.

Omaxe has more than 4,500 acres of land bank across the country with a developable area of 106 million square feet. It is working on 42 projects, including 17 townships, 16 group housing, seven shopping malls & commercial complexes and 2 hotels.

That apart, the company is constructing 10 projects in infrastructure segment comprising of EPC contracts, roads and bridges having a book value of 1,018 crore.