DB Realty Ltd today reported a sharp decline in consolidated net profit at Rs 11.73 crore in the third quarter ended December 2011 from Rs 108.69 crore in the same period last year, as it said rising input costs and interest rates have adversely affected the key sector.
Net sales also stood lower at Rs 104.80 crore in the quarter under review as compared to Rs 273.25 crore in the same period last year, the realty firm said in a release.
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"The overall environment continued to remain sluggish for the real estate industry. Difficult macroeconomic environment, rising input costs and interest rates have had a significant impact on the industry as a whole, impacting profits," DB Realty Group Director N Shridhar said.
"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."
During the quarter, DB Realty reconstituted its board.
Vinod Goenka has taken over as Executive Chairman and Managing Director and Shahid Balwa as Vice-Chairman and Managing Director of the company. Jayvardhan Goenka and Salim Balwa have been appointed as Additional Directors (non-independent), it added.
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