Omaxe Ltd Share Price – NSE  /  BSE

Realty, Small Cap

Net Loss of Omaxe reported to Rs 145.05 crore in the quarter ended March 2024 as against net loss of Rs 105.47 crore during the previous quarter ended March 2023. Sales rose 85.02% to Rs 535.58 crore in the quarter ended March 2024 as against Rs 289.47 crore during the previous quarter ended March 2023.

For the full year,net loss reported to Rs 402.60 crore in the year ended March 2024 as against net loss of Rs 347.91 crore during the previous year ended March 2023. Sales rose 108.75% to Rs 1614.32 crore in the year ended March 2024 as against Rs 773.33 crore during the previous year ended March 2023.

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Omaxe will hold a meeting of the Board of Directors of the Company on 28 May 2024.

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Omaxe announced that its wholly owned subsidiary and SPV, Worldstreet Sports Center will be developing India's first integrated multi sports facility consisting of an international cricket and football stadium, an indoor stadium along with a retail and hospitality hub spread across an area of 50.40 acres in Delhi's Dwarka area for around Rs 1500 crore, under the public-private partnership model with the Delhi Development Authority. The cost of construction will be funded through internal accruals and the company is expecting a revenue of around Rs 2500 crore through the sale of retail units. Omaxe had won the bid floated by DDA to develop an integrated multi-sports arena in Dwarka under the Design, Build, Finance and Operate and Transfer (DBFOT) format on the aforesaid land.

As per the agreement, Omaxe's subsidiary will develop an outdoor stadium with a minimum 30,000 seating capacity. The indoor stadium is expected to have a capacity for 2000 people. This is expected to host kabaddi, badminton, table tennis, chess, kickboxing, boxing and other events. The company will build and maintain the sports stadium and club for 30 years, thereafter it would be handed over to DDA. The commercial facilities will be developed and maintained by the Company on a leasehold basis for a period of 99 years.

An exclusive members-only club with modern amenities, a 108-keys hotel and a banqueting space a long with multi-level car parking is also being planned. The club is expected to have a bowling alley, a karaoke bar, a spa, lounges, a boxing ring, state-of-the-art gymnasium, indoor and outdoor sports among other facilities. The retail portion will be a ground plus two levels structure with a saleable area of around 7 lakh sq. ft. on lease basis.

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The letter of intents (LoIs) shall be issued by UPSRTC in favor of the company being lead member of the consortium.

The company will develop 2 bus terminals, one at Amausi, Lucknow on land area of 20,170 sq. mts. With estimated construction cost is Rs 160 crore approximately and the other at Ayodhya Dham on land area 36,426 sq. mts with construction cost of Rs 225 crore. These bus terminals will be developed under design, build, finance, operate and transfer (DBFOT) model on PPP basis.

The bus terminal project to be developed, in pursuance of the concession agreements which are to be executed at later date, Pursuant to the concession agreements and subject to the terms & conditions, the concessionaire, inter-alia, shall have exclusive right, license and authority to construct, operate and maintain the commercial complex and bus terminal commercial assets for a period of 90 years and Bus Terminal Project Facilities for a period of 35 years from appointed date.

The bus terminal project would be developed within an estimated time period of 2 years from the appointed date and commercial operation of the first phase of bus terminal commercial assets and commercial complex. 40% of total built up area available for bus terminal commercial assets and commercial complex, would be completed within an estimated time of 7 years from the appointed date.

Omaxe is mainly into the business of developing real estate properties for residential, commercial and retail purposes.

The company reported consolidated net loss of Rs 66.89 crore in Q3 FY24 as compared with Rs net loss of Rs 105.99 crore in Q3 FY23. Net sales stood at Rs 599.21 crore in Q3 FY24, steeply higher than Rs 243.86 crore in Q3 FY23.

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