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Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies announced its financial results for the quarter ended June 30, 2024.
Bookings grew by 49% YoY; Rs. 201 Cr vs. Rs. 135 Cr last year. Collections increased by 21% YoY at Rs. 248 Cr vs Rs. 204 Cr last year. Revenue from Operations grew by 11% YoY; Rs. 75Cr vs. Rs. 67 Cr last year. Adj. EBITDA amounted to Rs. 8 Cr vs. Rs. 16 Cr last year. PAT amounted to Rs. 5 Cr as against Rs. 9 Cr last year
Net Debt decreased to Rs. (58) Cr as on June 30, 2024 from Net debt of Rs. (41) Cr as on Mar 31, 2024. Net Debt to Equity ratio stood at (0.12) as on Jun 30, 2024 as against (0.08) as on Mar 31, 2024. The cumulative new business development topline potential stands at ~Rs 410 Cr in Q1 FY25
Remainder phase of Forest Trails Sarjapur, Bengaluru to be developed as a high-rise project comprising a saleable area of 3.2 lakh sq ft. Top line potential increased by of ~Rs 205 Cr. Acquired additional 42 acres at Uplands 2.0 & 3.0. This will add Rs. 205 Cr to the top line
Commenting on the Q1 FY25 performance, Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, "We have started the year on a healthy note with progress in bookings, collections and business development, setting a positive trajectory for the year ahead. Q1FY25, Bookings improved by 49% YoY to Rs. 201 Cr and Collections improved by 21% to Rs. 248 Cr. Our operations cycle remains strong with net operating cash flows of Rs. 97 Cr during the quarter. During the quarter, we added a combined topline of Rs. 410 Cr across two of our existing projects namely Forest Trails and Uplands 2.0 & 3.0. We believe the overall residential markets remain quite healthy given cyclically low inventory levels and healthy affordability.”
