D B Realty Q3 consolidated net profit down 98% at Rs 21 lakh

MUMBAI: Realty developer D B Realty reported net profit of Rs 21 lakh for the quarter ended December 30, as against Rs 11.73 crore a year ago. The company's net sales rose 19% on year to Rs 124.57 crore, the company said in a release.

Tax expenses for the company during the quarter grew nearly 10 times over the last year to Rs 15.36 crore, while finance cost also doubled to 7.07 crore from little over Rs 3 crore.

""The last quarter has seen good pick up in sales combined with higher per sq ft realization. We have also made good progress in getting key approvals for our about to be launched projects. Our endeavor would be to maintain the same momentum." said CEO Vipul Bansal.

During the quarter the company launched two projects including DB Crown tower C at Prabhadevi in central Mumbai and DB Golf Links in Pune. The company witnessed 46% growth in collections at Rs 138 crore.

On Friday, shares of D B Realty closed at Rs 127.75 on the Bombay Stock Exchange, down 2.7% over Thursday's close.