· Revenue at Rs 1158 million
· EBIDTA at Rs 161 million
· Net Profit at Rs 117 million
Mumbai, February 11th , 2012: DB Realty Ltd, one of India’s leading real estate developer today announced its results for the quarter ended 31st December 2011.
Commenting on the results, Mr. 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 have 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.
· Mr. Jayvardhan Goenka and Mr. 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.
About DB Realty Ltd
DB Realty Limited, founded in 2007, has in a short span of time covered enormous ground, thereby establishing its place as a leading real estate developer in India. While our growth story is rooted in facts and figures, our legacy will be built on a strong reputation of excellence in residential, commercial and gated community developments. This is why, even during these challenging times, we remain deeply committed to our mission of creating superior developments in each of our market segments, and fulfilling our promise to all of our stakeholders.
Our expanding portfolio consists of 70 million sq. ft of prime property – carefully crafted by 15,000 experts and managed by over 500 internationally and nationally acclaimed executives – across 25 exclusive projects that have served over 4,500 satisfied customers till date. Most of the projects are based in and around Mumbai, and are under various stages of planning and construction.
Widely accredited with redefining luxury living in Mumbai, DB Realty constantly seeks to design aesthetically striking residences, responding to changing needs and evolving lifestyles. Our residential projects include a wide range of premium condominiums and duplexes across North and South Mumbai, built in partnership with best-in-class contractors and master architects.
With a notable and consistent track record of growth, customer satisfaction and innovation, DB Realty is known to execute challenging projects with efficiency, speed and confidence. And being backed by a highly experienced team of experts from diverse backgrounds only strengthens our ability to do so.
Going forward, DB Realty hopes to continue changing the landscape of Mumbai, with growth and sustainability being the key highlights of the years to come.
For more information on the company, please visit, www.dbrealty.co.in