May 19, 2023: Real estate developer Arvind SmartSpaces today announced its financial results for the January-March period of 2023 (Q4FY23). From Rs 601 crore last fiscal to Rs 802 crore in FY23, bookings for the Ahmedabad-based developer grew 33% year-on-year (YoY). However, the company’s revenue from operations during the fiscal dipped marginally to Rs 256 crore as against Rs 257 crore in FY22.
At Rs 26 crore, the company’s profit after tax in FY23 also grew only marginally as against Rs 25 lakh in FY22. In a similar fashion, collections increased by 1% YoY to Rs 600 crore as against Rs 595 crore last year.
During the year, despite increased investments in business development activities, net debt remained negative for the company at Rs (30) crore due to ‘significant internal accruals’.
The company also acquired new projects with an expected topline of over Rs. 930 crore during the fiscal. The Ahmedabad-headquartered company has approximately 30 million square foot of real estate development across the country. The company has real estate developments across Ahmedabad, Gandhinagar, Bangalore and Pune.
“For the first time, the number of units sold has crossed 1,100-unit milestone annually. From a quarterly perspective, we had the strongest-ever Q4 bookings at Rs 244 crore, second consecutive quarter with sales value of over Rs 200 crore,” says Kamal Singal, managing director and CEO, Arvind SmartSpaces. “Going forward, we are set to expand our portfolio of projects with several launches lined up across a range of micro markets in Ahmedabad and Bangalore,” Singhal adds.
In a regulatory filing, the company also said that its board of directors recommended a final dividend of Rs 1.65 per equity share and one-time special dividend of Rs 1.65 per equity share, totaling to a dividend of Rs 3.30 per equity share of face value of Rs 10 each.
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