Arvind SmartSpaces reported a remarkable upswing in its financial performance for Q2 FY24, with a net profit of Rs 10.83 crore, marking a substantial increase from the Rs 4.89 crore recorded in the same quarter of the previous fiscal. The company's net consolidated total income also demonstrated robust growth, reaching Rs 75.27 crore, a 45.82% expansion from the previous year. Sales value for the quarter was Rs 369 crore, with a 95% year-on-year growth, and collections reached Rs 263 crore, growing by 133%. Net debt decreased to Rs.141 crore, primarily due to strong internal accruals, leading to a net debt to equity ratio of 0.30.
Arvind SmartSpaces has reported its financial performance for Q2 FY24, revealing a notable increase in net profit and consolidated total income. The company achieved a net profit of Rs 10.83 crore during the quarter, marking a substantial growth compared to the Rs 4.89 crore in the corresponding quarter of the previous fiscal year. Simultaneously, their net consolidated total income exhibited a robust upswing, reaching Rs 75.27 crore, reflecting a substantial 45.82% expansion from the previous year's figure of Rs 51.62 crore.
Kamal Singal, the company's Managing Director and CEO, emphasized the strength of their operational cash flows, with Rs. 160 crore generated during the quarter and Rs. 271 crore in the first half of the year. During this period, Arvind SmartSpaces successfully added a high-rise project in Bannerghatta, Bengaluru, with a promising top line potential of Rs. 400 crore. Singal also expressed the company's progress towards concluding their ongoing business plan, which entails new investments totalling Rs. 1,000 crore.
The company's financial achievements were not limited to profit and income growth. In the same quarter, Arvind SmartSpaces witnessed a substantial year-on-year increase of 95% in sales value, reaching Rs 369 crore. Furthermore, their collections amounted to Rs 263 crore, reflecting an impressive year-on-year growth of 133%.
In terms of financial management, the company demonstrated strong internal accruals, resulting in a decrease in net debt (Interest bearing funds) to Rs. 141 crore as of September 30, 2023, down from the previous figure of Rs. 87 crore as of June 30, 2023. This substantial reduction in net debt is a testament to the company's fiscal responsibility and prudent financial practices. Additionally, the net debt (Interest-bearing funds) to equity ratio stood at 0.30 as of September 30, 2023, compared to (0.18) as of June 30, 2023, indicating a strengthening financial position.
In summary, Arvind SmartSpaces' financial report for Q2 FY24 showcases a remarkable improvement in net profit, total income, and operational performance. The company's successful projects and strong sales growth, coupled with their efficient financial management, bode well for their continued success and future investments.
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