Realty firm Karda Constructions Ltd has reported a 24 per cent fall in its standalone net profit of Rs 3.73 crore for the quarter ended December due to lower property demand amid the COVID-19 pandemic. Its net profit stood at Rs 4.93 crore in the year-ago period.
Total income fell to Rs 41.33 crore in the third quarter of this fiscal from Rs 42.24 crore in the corresponding period of the previous year, the Nashik-based firm said in a regulatory filing.
The company’s business activity falls within a two segments — development of real estate property and civil contracting business.
Karda Constructions CMD Naresh Karda said: “The entire real estate sector had been impacted by the nationwide lockdown imposed on March 23, 2020 to contain the spread of COVID-19.”
However, he said the demand has started to recover with unlocking of economy and low interest rate on home loans.