Arvind SmartSpaces Limited reported strong financial results for Q1 FY25, with bookings rising 49% year-on-year to INR 201 crore and collections up 21% to INR 248 crore. Revenue from operations increased 11% to INR 75 crore. However, adjusted EBITDA and PAT declined to INR 8 crore and INR 5 crore, respectively. Net debt improved, decreasing to INR (58) crore. The company enhanced its project portfolio, including the high-rise development of Forest Trails Sarjapur and additional acreage at Uplands 2.0 and 3.0, adding INR 410 crore to the topline. CEO Kamal Singal expressed optimism about the healthy residential market and future growth.
Arvind SmartSpaces Limited (ASL), a player in India's real estate sector, has released its financial results for the quarter ending June 30, 2024. The company reported significant growth across several key metrics, highlighting a strong performance and promising outlook for the future.
The company saw a 49% year-on-year increase in bookings, which rose to INR 201 crore from INR 135 crore in the same quarter last year. Collections also improved, showing a 21% year-on-year growth to INR 248 crore compared to INR 204 crore previously. Revenue from operations increased by 11% year-on-year, reaching INR 75 crore as opposed to INR 67 crore in the corresponding quarter of the previous year.
However, there was a decline in adjusted EBITDA, which fell to INR 8 crore from INR 16 crore year-on-year. Similarly, profit after tax (PAT) decreased to INR 5 crore from INR 9 crore in the same period last year.
In terms of financial health, ASL reported a reduction in net debt, which decreased to INR (58) crore as of June 30, 2024, from INR (41) crore as of March 31, 2024. The net debt to equity ratio also showed an improvement, standing at (0.12) as of June 30, 2024, compared to (0.08) as of March 31, 2024. The cumulative new business development topline potential for the first quarter of FY25 is estimated at approximately INR 410 crore.
ASL has also made strategic advancements in its project portfolio. The remainder phase of the Forest Trails project in Sarjapur, Bengaluru, is set to be developed as a high-rise project with a saleable area of 3.2 lakh square feet, enhancing the topline potential by approximately INR 205 crore. Additionally, the company has acquired an extra 42 acres at Uplands 2.0 and 3.0, which is expected to contribute an additional INR 205 crore to the topline.
Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, commented on the performance for the first quarter of FY25. He stated that the year began on a positive note with significant progress in bookings, collections, and business development, setting a positive trajectory. Bookings improved by 49% year-on-year to INR 201 crore, and collections increased by 21% to INR 248 crore. The operations cycle remained strong with net operating cash flows of INR 97 crore during the quarter. Additionally, a combined topline of INR 410 crore was added across two existing projects, Forest Trails and Uplands 2.0 and 3.0. He believes that the overall residential markets remain healthy due to cyclically low inventory levels and healthy affordability.
Singal's optimism reflects the company's strategic moves and their anticipated positive impact on future performance. ASL's focus on expanding its project portfolio and reducing debt underscores its commitment to maintaining financial stability and driving growth in the competitive real estate market. The company's strong start to FY25 suggests a promising year ahead, with continued progress in key operational and financial metrics.
Advertisement
Facebook
Whatsapp
