New Delhi, March 22 (IANS) The stock of real estate company Omaxe plummeted to its new 52-week low of Rs 71.81 per share this week amid growing losses and declining sales – at a time when both benchmark equity indices Sensex and Nifty saw their best weekly gains in almost four years.
Omaxe’s 52-week high was recorded at Rs 162.45 apiece on July 30 last year.
On the last day of the trading week (Friday), Omaxe’s stock opened at Rs 74.75 per share. During the trading session, the stock touched its highest level at Rs 78.00 but also saw a low of Rs 74.41.
At the end of trading, the company’s stock closed at Rs 77 per share with a minor gain of Rs 2.81 or 3.79 per cent.
The real estate company is facing several challenges, including operating losses and a high debt-to-EBITDA ratio of 7.49 times. The company has reported negative results for three consecutive quarters, as its net sales and profits have declined sharply.
In the December quarter (Q3 FY25), Omaxe reported a net loss of Rs 150.59 crore, down a massive 109.82 per cent from Rs 71.77 crore in the same quarter in the previous fiscal (FY23).
Net sales came at Rs 288.94 crore in the October-December period, down 51.78 per cent from Rs 599.21 crore in December 2023.
According to its financials, EBITDA stood negative at Rs 115.30 crore in December 2024 — down 232.18 per cent from Rs. 34.71 crore in the December quarter of the previous fiscal.
Meanwhile, the State Consumer Disputes Redressal Commission, Chandigarh, directed Omaxe Chandigarh Extension Developers Private Limited to compensate its homebuyer for failing to deliver possession of a flat in its ambitious housing project despite a delay of over six years.
Omaxe, however, said that the delay was due to “force majeure” (unexpected circumstances) conditions, including legal complications and the COVID-19 pandemic.
–IANS
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