Arvind SmartSpaces reported a 23.14% rise in net profit, reaching Rs 9.10 crore in Q1 FY24. Their total revenue increased by 11.35% to Rs. 69.07 crore. The company plans to expand in Ahmedabad, Bangalore, Pune, and MMR. The board approved the divestment of partnership interests in two subsidiaries. The company launched two township projects and achieved 14% YoY growth in bookings and 54% YoY growth in collections. Furthermore, Net debt decreased to Rs (87) crore, and the net debt-to-equity ratio improved to (0.18), thereby indicating prudent financial management.
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During the quarter ending June 30, 2023, Arvind SmartSpaces revealed an impressive 23.14% surge in its net consolidated profit. The company's Q1 FY24 profit after tax reached an impressive Rs 9.10 crore, a significant increase from the Rs 7.39 crore recorded in the corresponding quarter of the previous fiscal, according to the company's regulatory filing. Furthermore, the company's net consolidated total revenue exhibited robust growth, reaching Rs 69.07 crore, an impressive 11.35% increase from the Rs 62.03 crore reported in the same quarter the previous year.
For the company, Q1FY24 marked the third consecutive quarter with the highest-ever collections, surpassing the Rs. 200 crore milestone. The company demonstrated its strength in operations with operating cash flows amounting to Rs 111 crore during the quarter. The company intends to scale up operations significantly during the rest of the year, with plans for newer launches and additional projects in key cities like Ahmedabad, Bangalore, Pune, and MMR.
In line with their growth strategy, the board of directors approved the divestment of partnership interests of the company and its subsidiaries in Arvind Beyond Five Club LLP and Chirping Woods Homes LLP, not exceeding 48% of their stakes, in favour of new land partners. During the quarter, Arvind SmartSpaces successfully added two new horizontal multi-asset township projects in Ahmedabad, spanning over an impressive 704 acres and possessing a top-line potential of approximately Rs 2,300 crore. Furthermore, an agreement was executed under the development management model for a 16-acre township project at Moti Bhoyan, valued at Rs 116 crore. The company witnessed commendable 14% year-on-year growth in bookings, reaching Rs 135 crore, while their collections surged by 54% year-on-year to Rs 204 crore.
In terms of financial performance, the company showcased improved fiscal strength, with Net Debt (interest-bearing funds) decreasing from Rs. (87) crore as of March 31, 2023, to a more favourable position of Rs. (30) crore as of June 30, 2023. The Net Debt (Interest-bearing funds) to equity ratio also improved, standing at (0.18) as of June 30, 2023, compared to (0.07) as of March 31, 2023. Arvind SmartSpaces' growth and financial achievements are a testament to their commitment to excellence in the real estate sector. With a focus on quality, innovation, and customer satisfaction, the company continues to elevate the standards of the industry through its impressive portfolio of projects.
Arvind SmartSpaces Limited, founded in 2009, has adeptly created a unique position for itself in the real estate industry within a short period of time. It aims to create real estate solutions that add value to people's lives. The company evolved into a key player in the Indian real estate market, with seven already completed projects within the first eight years of operation. Having already established themselves in the states of Gujarat, Karnataka, and Maharashtra, they have ambitious plans to further expand their footprint in strategic cities across India.
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