The losses from these companies add to Rs 79.48 crore while profit from four entities totals Rs 15.24 crore
DB Realty's all subsidiaries, barring two, are incurring losses. Even its associates and joint ventures aren't better.
The losses from these companies add to Rs 79.48 crore while profit from four entities totals Rs 15.24 crore.
The subsidiaries, associates and joint ventures are into real estate business with some of them being under litigation, which has stalled some realty projects.
According to the available statistics, as of financial year 2017, the 15 subsidiaries of the real estate firm incurred Rs 75.75 crore loss in contrast to Rs 15.01 crore profit from just two subsidiaries – Spacecon Realty and DB View Infracon.
Likewise, six of its associate companies accounted for a loss of Rs 81.02 lakh and only one associate company Mahal Pictures made a profit of Rs 21.57 lakh.
Lokhandwala Dynamix Balwas is the only joint venture business of D B Realty that has posted a profit of Rs 1.65 lakh, while the rest seven joint ventures are in red to the tune of Rs 2.92 crore.
D B Realty has witnessed year on year fall in revenue from projects from Rs 103.8 crore to Rs 22.3 crore in FY17. Revenue from operations also fell accordingly during the same period from Rs 203.2 crore to Rs 135.4 crore. Its consolidated net loss widened from Rs 36.34 crore to Rs 118.75 crore.
Those who have booked an apartment with D B Realty have been waiting for years to get their home and are even gone ahead with litigations, but the developer has barely refunded amount to the home buyers. This fact is evident in its latest Annual Report wherein it is stated that during FY15 it refunded Rs 2.53 crore on cancellation of flats, which dipped to Rs 34.01 lakh the following year and Rs 39.02 lakh in FY17.
The real estate company has a bag of 30 projects only in Mumbai, of which only three are ready, while six are ongoing and the balance 21 have been termed as "upcoming" projects.
As of FY17-end, DB Realty's total current liabilities, or amounts due to be paid to creditors within twelve months, increased 39% yoy to Rs 2,523.9 crore, as against Rs 1,818.7 crore a year ago.
Of the total Rs 2,523.9 crore debt, the company managed to bring down short-term borrowings from Rs 347.7 crore to Rs 262.2 crore during the year. However, other current liabilities shot up Rs 781 crore to Rs 2,068 crore by 2017-end.
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According to the available statistics, as of financial year 2017, the 15 subsidiaries of the real estate firm incurred Rs 75.75 crore loss in contrast to Rs 15.01 crore profit from just two subsidiaries – Spacecon Realty and DB View Infracon.
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