DB Realty Q2 net dips 41% to Rs 9 crore; sales down 68%

MUMBAI: DB Realty today reported a 41.23 per cent decline in consolidated net profit at Rs 9.12 crore for the quarter ended September 30, following fall in sales.

The real estate firm had registered a net profit of Rs 15.52 crore in the corresponding quarter last year.

Total sales dipped 68.38 per cent to Rs 52.74 crore in the second quarter from Rs 166.84 crore in the year-ago period, the company said in a statement here.

The company's portfolio consists of 95 million sq ft of prime property across 36 projects, most of them in and around Mumbai.

"DB Realty remains committed to completion and delivery of its projects within stipulated time. The company expects an uptake in the next six months," the release said.

The realty firm expects its two projects in Mumbai - DB Woods at Goregaon and Orchid Suburbia at Kandivali - to be completed by next March. "All other projects are also on schedule and committed timelines remain unchanged."

Meanwhile, the company said it has appointed Vipul Bansal as the new Chief Executive.