Omaxe Ltd’s consolidated revenues in Q2FY19 witnessed a strong growth of 25.7% yoy to Rs451.5.cr. Operating profit in the quarter dropped 41.2% yoy to Rs41.2cr. Operating margin plummeted from 19.5% in Q2FY18 to 9.1% in Q2FY19, more than half on a yoy basis. Profit after tax (PAT) dropped 43.2% to Rs10.7cr for the current quarter as compared to Rs18.8cr for the same quarter last year.
Operating profits disappointed owing to a sharp rise in direct expenses.
Net profit suffered owing to weak operating performance despite higher other income (up 59.5% yoy to Rs8.9cr) and a sharp drop in interest cost (down 22.7% yoy to Rs29.6cr) and tax expenses (down 53.3% yoy to Rs7.6cr).
Other expenses increased 7% yoy to Rs22cr in Q2FY19 vs. Rs20.6cr in Q2FY18.
Employee expenses were up 15.6% yoy to Rs18.2cr in the quarter under review.
Omaxe’s total borrowings at the close of H1FY19 stood at Rs1,405.1cr, up from Rs1,226.3cr at the end of FY18.
The company’s cash and bank balances at the end of H1FY19 was Rs259.3cr, slightly lower than Rs263.23cr at the close of FY18.
Omaxe Ltd share ended at Rs210.25, down 0.45 points, or 0.21%, from its previous close of Rs210.70 on the BSE. The scrip opened at Rs211.60 and touched a high and low of Rs211.60 and Rs209.45, respectively. A total of 4,24,364 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200-DMA.
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