August 3, 2023: Real estate development company Arvind SmartSpaces Limited (ASL) on August 2, 2023, announced its financial results for the first quarter of financial year 2023-24 (Q1 FY24) that ended June 30, 2023. During these three months, the company recorded its highest ever quarterly collections of Rs 204 crore, up by 54% from Rs 133 crore during the same period last year. The company’s revenue increased by 11% YoY, touching Rs 67 crore in Q1 FY 24 from Rs 60 crore in Q1 FY23. The bookings grew by 14% YoY from Rs 118 crore in Q1 FY23 to Rs 135 crore in Q1 FY24.
ASL’s net debt (interest-bearing funds) decreased to Rs 87 crore as on June 30, 2023. The net debt to equity ratio stood at 0.18 at the end of Q1 FY24, as against 0.07 at the end of Q4 FY23. The company’s adjusted EBITDA increased by 19% YoY from Rs 14 crore in Q1 FY23 to Rs 16 crore in Q1 FY24. Profit after tax (PAT) grew from Rs 7 crore last year to Rs 8 crore in Q1 FY24, up by 11% YoY.
In the quarter, ASL acquired three new projects with an expected topline of Rs 2,400 crore. This includes the execution of an agreement under the development management (DM) model to develop a 16-acre township at Moti Bhoyan with a potential of Rs 116 crore, and two new horizontal multi-asset township projects in Ahmedabad spread over approximately 704 acre with a top-line potential of around Rs 2,300 crore. Both these multi-asset township projects in South Ahmedabad are signed under the joint development model, and include a 500 acre-project and a 204-acre project with a revenue potential of Rs 1,450 crore and Rs 850 crore, respectively.
Kamal Singal, managing director and CEO, Arvind SmartSpaces, said, “Q1 FY24 was the third successive quarter with best ever collections, Q1 FY24 crossed the Rs 200 crore milestone. Bookings remained healthy, driven by robust sustenance sales across our markets. Our operations cycle remains strong with operating cash flows of Rs 111 crore during the quarter.”
“While the industry demand supply remains healthy, consolidation and corporatisation continue to improve prospects of branded players. We have the balance sheet, brand, geographical presence, product mix, capital allocation strategies and operational excellence to thrive and continue to grow profitably. We look forward to scale up strongly during the remainder of the year with newer launches and project additions across Ahmedabad, Bangalore, Pune and MMR,” Singal added.
