Omaxe sees Rs 20 bn revenue in FY11
Property firm Omaxe Ltd expects to generate revenue of Rs 20 billion in the year to March 2011, and hopes to become a debt-free company in two years, a top official said on Thursday.
India’s property market has turned a corner in the last few months, recovering from lows hit earlier this year, as consumer confidence returns and banks offer attractive home loans. The renewed activity in the housing market was helping the company, which sold Rs 1 billion worth of homes in December alone, chairman and managing director Rohtas Goel said.
From April it (internal accruals per month) must be around 150 crore (Rs 1.5 billion). In FY10/11, we will receive almost 2,000 crore (Rs 20 billion) plus from internal accruals. And 3,000 crore (Rs 30 billion) in FY12, he said.
More : economictimes.indiatimes.com