DB Realty on Wednesday reported a 19 per cent rise in consolidated net profit to Rs 298.7 crore for the 2010-11 fiscal, as against Rs 251.97 crore in the previous fiscal.
The firm’s total income increased by 33 per cent to Rs 1,268.69 crore last fiscal from Rs 951.2 crore in 2009-10, the Mumbai-based developer said in a statement.
DB Realty - whose promoters Shahid Balwa and Vinod Goenka have been arrested by the CBI in relation to the 2G telecom scam and are currently lodged in Delhi’s Tihar Jail - sold 3.7 million square feet of area worth Rs 3,065 crore during the last fiscal.
The company’s debt stood at Rs 465.6 crore as of March 31, 2011. “In spite of the sluggish market conditions, DB Realty’s financial performance over the last year has been encouraging. We have still managed to make progress on our key business parameters while dealing with the rising input costs,” DB Realty Group Director (Business Strategy and Finance) Mr N Shridhar said. The board of the company has been reconstituted to make it more focused, the statement said.
Mr K M Goenka is the Chairman of the board. The other members include Mr Usman Balwa, Mr Vinod Goenka, Mr Mahesh Gandhi, Mr Jagat Killawala, Mr N M Rafique and Mr Janak Desai.
DB Realty currently has over 83.5 million square feet of developable area, out of which 33.5 million square feet is dedicated to ongoing projects.