Realty firm Omaxe today reported a marginal decline in its consolidated net profit at ₹ 20.04 crore for the quarter ended December 2017. Its net profit stood at ₹20.80 crore in the year-ago period.
Total income, however, rose to ₹ 518.56 crore in the third quarter of this fiscal from ₹ 423.29 crore in the corresponding period of the previous year.
During Q3FY18, the real estate sector was still trying to come to the terms with some of the biggest transformational changes. As such, normalisation still eluded the sector during the third quarter.
“The overall real estate sector is facing cash flow issues since customers are delaying new buying as well existing instalments as caution,” Omaxe’s CMD Rohtas Goel said in a statement.
Omaxe has presence in 8 states across 27 cities. With about 110.23 million sq ft of delivered space in both real estate and construction contracting, the company is currently undertaking 39 real estate projects, of which 13 are group housing projects, 16 are townships and 10 are commercial projects.