Arvind SmartSpaces reports 293% on-year growth in July-September net profit

MUMBAI: Realty developer Arvind SmartSpaces has reported a 293% year-on-year jump in net profit of Rs 43 crore for the quarter ended September. The company’s revenue from operations for the quarter also recorded 265% on-year growth at Rs 266 crore.

Bookings grew by 26% to Rs 464 crore, while collections during the quarter stood at Rs 249 crore as against Rs 263 crore a year ago. The developer’s adjusted operating profit grew by 320% from a year ago to Rs 83 crore.

“For the first time, we have crossed the Rs 400 crore milestone for quarterly bookings. Our half yearly performance has also been best-ever in terms of bookings and collections. Our operations cycle remains strong with operating cash flows of Rs 106 crore during the quarter and Rs 203 crore during the half year,” said Kamal Singal, MD & CEO, Arvind SmartSpaces.


During the quarter, the company acquired a new high-rise project, on joint development basis, in ITPL Road, Bengaluru with a top-line potential of Rs 600 crore. The project is spread across 2.9 acres and has a saleable area of 4.2 lakh sq. ft. Ends

The company launched a project on NH47, Kalyangadh, South Ahmedabad towards the end of quarter and recorded bookings of Rs 435 crore during the quarter.