Arvind SmartSpaces sales bookings touch Rs 250 cr in Q3

Real estate developer Arvind SmartSpaces recorded quarterly sales bookings of Rs 250 crore in Q3FY23 as compared to Rs 158 crore last year for the same period, showing 58% year-on-year growth.

In the third quarter, the company’s collections increased by 8% YoY at Rs 167 crore as opposed to Rs 154 crore last year. This has been the highest ever quarterly bookings and collections for the company. The profit after tax (PAT) was Rs 4 crore in Q3FY23 as against Rs 6 crore in Q3FY22. EBITDA stood at Rs 9 crore as against the Rs 12 crore last year.

For the 9 months ending December 2022, Arvind SmartSpaces’ bookings grew 24% YoY at Rs 558 crore as opposed to Rs 451 crore last year. PAT grew by 47% YoY to Rs 16 crore as against Rs 11 crore last year. EBITDA grew by 6% YoY; Rs 29 crore versus Rs 27 crore last year.

Kamal Singal, managing director and CEO, Arvind SmartSpaces, said, “We have achieved significant operational milestones in Q3 FY23. It has been our best ever quarter in terms of both booking value and collections. Our robust sales machinery and brand equity is getting increasing recognition across Ahmedabad and Bengaluru with launches continuing to perform well in newer micro markets.  Despite increased investments in business development activities our net debt decreased further on account of significant increase in internal accruals.”