Arvind SmartSpaces Ltd., renowned for its premium real estate developments in Ahmedabad, Bengaluru, and Pune, reported robust financial results for the quarter and fiscal year ending March 2024. With a remarkable 67% increase, the company's net profit for Q4 2023-24 surged to INR 15.49 crore, while the annual net profit reached INR 41.57 crore, reflecting a substantial 62% growth. Impressively, Arvind SmartSpaces achieved its highest-ever annual sales bookings of INR 1,107 crore, marking a notable 38% increase from the previous year's bookings. This stellar performance is attributed to strategic expansion efforts, new project acquisitions, and a heightened focus on customer satisfaction.
Arvind SmartSpaces Ltd., a developer known for its focus on creating high-quality residential, commercial, and industrial spaces in Ahmedabad, Bengaluru, and Pune, has reported impressive financial results for the quarter and year ending March 2024.
Arvind SmartSpaces delivered exceptional financial performance, showcasing strong growth in both profits and sales bookings. The company's net profit for the quarter ending March 2024 jumped a significant 67% to INR 15.49 crore compared to the same period last year. This positive trend continued throughout the entire fiscal year (2023-24) with net profit reaching INR 41.57 crore, a remarkable 62% increase over the previous year's INR 25.60 crore.
Sales bookings also witnessed a healthy rise, with the company achieving its highest ever annual booking figure of INR 1,107 crore in 2023-24. This represents a significant 38% increase compared to the INR 802 crore booked in the previous year. This strong performance highlights a growing demand for Arvind SmartSpaces' projects in key Indian cities.
Arvind SmartSpaces attributes this growth to a two-pronged strategy: securing new projects in key markets and a focus on customer satisfaction. The company strategically acquired new projects in the past year with an expected total revenue potential of INR 4,150 crore, a massive increase from INR 930 crore in the previous year. These new projects are spread across Ahmedabad (adding four new projects), Bengaluru (one new project), and Surat (one new project), indicating Arvind SmartSpaces' commitment to expanding its presence in these key markets.
While financial results are impressive, Arvind SmartSpaces appears to be taking a more holistic approach to development. According to industry sources, the company is increasingly incorporating sustainable practices into its projects. This could include features like rainwater harvesting, energy-efficient lighting and appliances, and the use of eco-friendly construction materials. By focusing on sustainability, Arvind SmartSpaces is not only reducing its environmental impact but also catering to a growing segment of environmentally conscious homebuyers.
Kamal Singal, Managing Director, and CEO of Arvind SmartSpaces, described FY24 as a landmark year for the company. He stated that they have achieved milestones across bookings, collections, and business development, expressing their anticipation of sustaining this momentum in the coming year as well. With strong financial performance, a focus on expansion, and a growing commitment to sustainability, Arvind SmartSpaces appears well-positioned to capitalize on the growing demand for quality and eco-friendly real estate in India.
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