DB Realty reduces loss to Rs24 crore in Q3FY22 on standalone basis

14 Feb 2022 , 12:46 PM

DB Realty Limited reported a loss of Rs23.99 crore on a standalone basis for the third quarter ended December 2021. It has reduced its, losses from Rs244.64 crore to Rs23.99 crore quarter on a quarter basis on a standalone basis and from Rs352.10 crore to Rs36.34 crore on a consolidated basis.

The company has taken a one-time cost in its books during the the-quarter ending December 2021 in relation to its project at Kalanagar and Worli which is not envisaged to be incurred on a regular basis. It has also passed the entire accumulated losses in one of its partnership firm through the Profit & loss account, where it intends to exit from the project and is writing off its investment loss in the exited project.

The loss in the quarter is not indicative of the operational performance but is on account of one-time exceptional provisioning of the above exceptional item.

The company reaffirms its aim to be balance sheet light and debt free in near term. The robust off take in the current quarter and Pipeline of several projects planned to be launched in the current quarter and the coming quarters indicative of a strong performance going forward.

The Company has recommenced construction on the X BKC project (1.40 million sq feet) undertaken in collaboration with Adani Realty.

The company also intends to soon launch the Liberty Tower (2.80 million sq feet) and BKC 101 (2.70 million sq feet) in this quarter in collaboration with Prestige Estates Projects Ltd.

The company has also been exploring options for er1tering into joint ventures/ partnership with various re.al estate developers for its different projects. The company shall disclose the same upon execution of definitive documents· in accordance with applicable SEBI Regulations.

At around 12.50 pm, DB Realty Ltd was trading at Rs122.20 per share down by Rs6.4 or 4.98% from its previous closing of Rs128.60 per share on the BSE.