Karda Constructions Q3 profit down 24 pc at Rs 3.73 cr

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.