New Delhi, Feb 15 (IANS) Real estate developer Karda Constructions Ltd has reported a 78 per cent growth in its net profits for the third quarter (Q3) of the current financial year (FY20-21) on a quarter-on-quarter (YoY) basis on the back of a strong recovery in the real estate sector post the ease in lockdown measures.
The company’s net profit increased to Rs 3.74 crore in Q3 from Rs 2.1 crore in Q2. Total revenues also improved by 94 per cent in Q3 over Q2 revenues.
Its business activity falls within a two business segments — ‘Development of Real Estate Property’ and ‘Civil Contracting Business.’ Karda has witnessed growth in both the segments in Q3 after a flat growth in Q2 when construction activities across the nation had completely come to a standstill due to the lockdown.
While Karda’s revenues from the real estate segment grew by 25.6 per cent to Rs 21.83 crore in Q3 from Rs 17.38 crore in Q2, its civil contracting business witnessed a significant growth to touch Rs 17.57 crore in the third quarter from Rs 2.85 crore in the second quarter, reflecting a resumption in infrastructure development and construction activities, said a company statement.
Naresh Karda, Promoter, Chairman & Managing Director, of Karda Constructions, said: “While the government’s measures from time to time to inject liquidity in the sector, keep the interest rates in check and provide rebates and sops have contributed to the recovery of the real estate sector, the timely interventions by Karda ensured a steady pick up in enquiry and sales, which had a direct and positive impact on both the topline and bottomline of the company in Q3.”