The Hindu Business Line : Omaxe Q2 net jumps on higher volumes

New Delhi, Oct. 18 Buoyed by volumes and higher realisation, real estate company Omaxe today posted a net profit of Rs 160.35 crore for the second quarter of the fiscal, a growth of 119 per cent over the first quarter, and announced a new company for building power transmission lines.

The company, which got listed earlier this year, said that the comparative figures for the year-ago quarter were not available as it did not have a break-up for the previous July-September quarter, when it was privately held.

“We have floated a new company to look into infrastructure projects and are exploring opportunities in airport upgradation, road projects and freight corridor. In power, we have set up a company — Omaxe Power Private Ltd — which will make power transmission lines in Uttarakhand and Punjab. We can either operate on a model where we build it on our own and charge users of the infrastructure or we can build these transmission lines for the Government,” Mr Rohtas Goel, Chairman and Managing Director of Omaxe, said.

Omaxe, which has also applied for telecom licence, said it was open to roping in a partner for funding its plans, if the company secured the licence. “We wanted to see if there was a huge opportunity in future in telecom, we did not want to miss the bus,” he said.

The company witnessed a margin expansion during the first six months of the current fiscal.

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