Omaxe Q3 net profit falls 44 per cent to Rs 16.24 crore

Realty firm Omaxe on Thursday reported a 44 per cent decline in consolidated net profit at Rs 16.24 crore for the quarter ended December 31 on lower sales.

It had posted a net profit of Rs 28.85 crore for the corresponding quarter a year ago.

Total income from operations fell 40 per cent to Rs 342.03 crore during October-December quarter of the current fiscal year (FY14) as against Rs 567.93 crore in the corresponding quarter of the previous year, the realty company said in a filing to the BSE.

"The demand scenario in the next three months may continue to remain subdued in Metros. However, Tier II and Tier III cities will continue to drive demand and contribute majorly to the topline," Omaxe CMD Rohtas Goel said.

High interest rate continues to pinch buyers but the company's offerings in these regions are competitively priced to attract buyers, he added.

"We endeavour to launch more projects that cater to every income group and may also explore new territories besides expanding the existing townships," Mr Goel said.