New Delhi, March 22 (IANS). The stock of real estate company Omex reached its new 52 -week low of Rs 71.81 per share amid increasing deficit this week and a decline in sales. This decline in the company’s stock has been recorded at a time when both the benchmark equity index Sensex and Nifty have recorded their best weekly lead in about four years.
The 52 -week highest price of Omex was recorded at Rs 162.45 per share on 30 July last year.
Omex’s stock opened at Rs 74.75 per share on Friday, the last day of the business week. During the trading session, the stock touched its highest level at Rs 78.00. Also reached a low of Rs 74.41.
At the end of the trading, the company’s stock closed at Rs 77 per share with a slight gain of Rs 2.81 or 3.79 per cent.
The real estate company is facing several challenges, including the company’s operational deficit and a high-date-to-EBITDA ratio of 7.49 times.
The company has recorded negative results in three consecutive quarters, as its net sales and profits have declined rapidly.
In the December quarter of the current financial year, Omex recorded a net loss of Rs 150.59 crore, which is 109.82 percent more than Rs 71.77 crore in the same quarter of the previous financial year.
The company’s net sales stood at Rs 288.94 crore in the October-December period, which is 51.78 percent less than Rs 599.21 crore in the 2023 December quarter.
According to the company’s financial data, the company’s EBITDA negatively stood at Rs 115.30 crore in December 2024, lower than Rs 34.71 crore in the December quarter of the previous financial year.
Meanwhile, the State Consumer Disputes Redressal Commission of Chandigarh directed the Omex Chandigarh Extension Developers Private Limited to compensate the company’s house buyer to fail to hold the flat occupation in the housing project despite a delay of more than six years.
However, Omex said the delay was due to legal complications and unexpected conditions including Kovid-19 epidemic.
-IANS
SKT/ABM
