DB Realty Ltd, one of India’s leading real estate developer has announced its results for the quarter ended 31st December 2011.
Financial Highlights
Revenue at Rs 1158 mn
EBIDTA at Rs 161 mn
Net Profit at Rs 117 mn
Commenting on the results, N. Shridhar, Group Director, said “The overall environment continued to remain sluggish for the real estate industry. The difficult macroeconomic environment, rising input costs and interest rates has had a significant impact on the industry as a whole impacting profits. However, there are some signs of improvement on the economic front with the RBI signalling a change in its stance by reducing CRR which have improved liquidity conditions in the market which could lead to some positive impact on interest costs in the future.We remain committed to completion and delivery of projects in a timely manner. The progress on our key business parameters continues at a reasonable pace. The company continues to consolidate its steps in the right direction for growth while it will take couple of quarters to gain momentum considering the current market situation.”
Business Highlights – Q3 FY12
The Mahul project - 8.7 million sq ft, is on schedule for completion by March 2012.
Orchid Ozone, Dahisar – 2.6 million sq ft, will be completed in June 2014, a year ahead of schedule.
Orchid Woods, Goregaon (E) – 1.2 million sq ft, is nearing completion and will be completed by June 2012.
All other DB Realty projects are on stream, the company will give a consolidated update in next 2 quarters on the progress of each project.
DB Realty has successfully implemented SAP at its head office and sites.
Building Information Modelling (BIM) software is being implemented by a reputed international consultant, to generate a 5D model of our buildings and monitor the clash detection, BOQ, construction simulation and materials management.
DB Realty has successfully renewed its ISO 9001 certification.
During the quarter, DB Realty reconstituted its board with Mr. Vinod Goenka taking over as Executive Chairman and Managing Director and Mr. Shahid Balwa taking charge as Vice Chairman and Managing Director of the company.
Jayvardhan Goenka and Salim Balwa have been appointed as Additional Directors (Non Independent).
DB Realty remains committed to completion and delivery of its projects within stipulated time frames.