Omaxe Ltd Reports Higher Net Loss in Q1 Amid Rising Expenses

Realty firm Omaxe Ltd reported a consolidated net loss of Rs 147.44 crore in the first quarter of the fiscal year, compared to a Rs 106.32 crore loss in the same period last year. Despite an increase in total income to Rs 385.23 crore, expenses surged to Rs 542.40 crore.

Real estate developer Omaxe Ltd has reported a consolidated net loss of Rs 147.44 crore for the first quarter of the current fiscal year, primarily due to higher expenses.

The company had a net loss of Rs 106.32 crore in the same quarter last fiscal year. Total income for the April-June period rose to Rs 385.23 crore, up from Rs 220.85 crore in the same period last year, according to a regulatory filing on August 13.

However, the total expenses also increased significantly, reaching Rs 542.40 crore compared to Rs 352.39 crore a year earlier. Omaxe remains one of the leading real estate developers in India, with a substantial presence in Delhi-NCR, Punjab, Haryana, and Uttar Pradesh.

(With inputs from agencies.)