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DB Realty net profit up by 78%

Business

DB Realty Limited announced that it sold 3 million sq. ft. of residential space for a total value of Rs27089 million in this fiscal against 0.52 million sq. ft. in the previous year for a total value of Rs2808 million.

The company said its total consolidated revenue on the basis of percentage cost completion method has doubled to Rs9512 million as against Rs4644 million in the previous year. The Operating Profit, it said, has gone up to 63% at Rs3560 million against Rs2184 million in the previous year. DB Realty earned a cash profit of Rs3220 million as against Rs1579 million in the previous year.

The consolidated Profit Before Tax of the company has doubled to Rs3125 million. The consolidated Net Profit is up by 78% to Rs2519 million as against Rs1417 million in the previous year.

The company said it will continue to maintain a high liquidity with about Rs8950 million temporarily invested in liquid mutual funds from the IPO proceeds received during the year.

“The year on year growth was the result of a robust market coupled with the company’s marketing initiatives and brand awareness. DBR continues to focus in its core Mumbai real estate market where it is one of the largest developers in the residential space,” a company release said.

DB Reality said that all its ongoing projects are progressing as scheduled.

The company expects the housing demand to be buoyant and the real estate prices are expected to stabilize at the current levels in this year. DB Realty expects to grow its sales by about 50% over sales for the current year and expects to have a significant increase in the cash-flow.

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June 2020
10 Jun 2020