DB Realty has reported a net consolidated profit of Rs 506.40 crore in the quarter ended March 2022. It had recorded net consolidated loss of Rs 82.03 crore in the corresponding quarter of the previous year, the company said in a BSE filing.
The company's total consolidated income stood at Rs 214.76 crore in Q4 FY22, a growth of 356.74 per cent from Rs 47.02 crore it recorded in the similar quarter last year.
The group has various debt obligations aggregating to Rs 1,727.37 crore within next 12 months. These obligations are higher than the liquid assets out of current assets. This could result in significant uncertainty on its ability to meet these debt obligations and continue as going concern.
The management is addressing this issue robustly and during the year, parent company has entered into one-time settlement with various lenders, raised funds through issued convertible warrants entered in development agreement/ joint ventures to revive various projects which have significantly high growth potential, it said in the regulatory filing.
During the current quarter, the premises of the group that of their KMP's were searched by the Income Tax department and subsequent to year end, Central Bureau of Investigation (CBI) has carried out searches of one of the wholly-owned subsidiary. Certain documents have been taken by the department and CBI. In view of ongoing proceedings, the group is not in a position to ascertain the possible liability, if any, it said in the BSE filing.
During the quarter and year ended March 31, 2022, the parent company has allotted 25,75,00,000 warrants convertible into equity shares on preferential basis upon payment of 25% of total issue price. The said warrants entitle the allottees to apply for and be allotted equal number of equity shares for each warrant held on payment of balance 75% of the Issue price within 18 months from the date of allotment of the warrants.
