Arvind Smartspaces Records Highest Booking and Collection
Arvind SmartSpaces Limited (ASL), announced its financial results for the quarter and nine months ended December 31, 2022. The performance summary of 9M FY23 is bookings grew by 24%YoY; Rs. 558 Cr vs. Rs. 451 Cr last year. Collections stood at Rs. 412 cr vs Rs. 434 cr last year. Revenue from Operations grew by 71% YoY; Rs. 163 cr vs. Rs. 96 cr last year The EBITDA grew by 6% YoY; Rs. 29 Cr vs. Rs. 27 cr last year. PAT grew by 47% YoY; Rs. 16 Cr as against Rs. 11 Cr last year Performance summary of Q3 FY23 where the bookings grew by 58% YoY; Rs. 250 Cr vs. Rs. 158 Cr last year. The collections increased by 8% YoY at Rs. 167 Cr vs Rs. 154 Cr last year. Revenue from Operations grew by 23% YoY; Rs. 53 Cr vs. Rs. 43Cr last year. EBITDA stood at Rs. 9 Cr vs. Rs. 12 Cr last year. PAT stood at Rs. 4 Cr as against Rs. 6 Cr last year. Net Interest-bearing funds as on Dec 31, 2022 is Rs -34 Cr (vs Sep 30, 2022 Rs -11 Cr) decreased by Rs 23 Cr during Q3 primarily due to higher internal accruals. Net Debt (Interest-bearing funds) to Equity ratio at (0.08) as on Dec 31, 2022 vs (0.03) on Sep 30, 2022. Added ~7 acres to the Doddaballapur Road, project. The size of the project has increased to 34 acres with a topline of ~Rs. 315 crore. This project is under HDFC Platform 2. This is ASL’s 9th project in Bangalore. There is a potential opportunity to increase the size of the project significantly by 2X subject to technical due diligence. Commenced a large aggregation in South Ahmedabad of which 84 acres has been completed till date with an estimated topline of Rs 150 crore. This would be wholly owned by Arvind SmartSpaces. There is potential to increase the size by 2-3X subject to technical due diligence. Launched one project during Q2 FY23 - Arvind Greatlands launched on November 26, 2022 received a phenomenal response. Witnessed bookings of Rs. 191 crores (the entire launched inventory) within 10 hours. Collections of Rs.20 crore from Greatlands during Q3 FY23. Commenting on the Q3 & 9M FY23 performance, Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, “We have achieved significant operational milestones in Q3 FY23. It has been our best ever quarter in terms of both booking value and collections. This highlights a strong operations cycle of new sales, construction and delivery. 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. We have put in concerted efforts to strengthen our Bangalore operations and are happy with the way our Bangalore story is shaping up. During the quarter, we launched Arvind Greatlands at Devanahalli, Bangalore which received a phenomenal response with almost the entire launched inventory sold within 10 hours. We added a new residential plotted development in South Ahmedabad, which is our 16th project in the region. Despite increased investments in business development activities our net bebt decreased further to Rs34 crore on account of significant increase in internal accruals. The real estate sector continues to showcase buoyancy with all parameters including sales, launches and prices appreciating across the top cities in CY22. We have built a strong and sustainable foundation of the company with a meaningful focus on design and execution, efficient sales engine, rising brand salience and healthy balance sheet. We remain committed to our growth initiatives and are geared up to capitalize on consolidation and corporatisation of the industry. In the coming quarters, we look forward to build on our business development intensity in our core markets of Bengaluru, Ahmedabad, Pune and MMR to create long term value for all our stakeholders.”
Tags : Arvind SmartSpaces Limited financial results bookings revenue operations Kamal Singal Managing Director and CEO Arvind SmartSpaces