Arvind SmartSpaces edges higher after PAT more than doubles in Q3; quarterly bookings at Rs 280 crore

Arvind SmartSpaces added 1.39% to Rs 532.55 after the company reported a consolidated net profit of Rs 9 crore in Q3 FY24, which is more than double the PAT of Rs 4 crore posted in Q3 FY23.

Revenue from operations in the third quarter grew by 60% YoY to Rs 84 crore from Rs 53 crore recorded in the same period last year.

Adjusted EBITDA grew by 60% to Rs 21 crore in Q3 FY24 from Rs 13 crore in Q3 FY23.

While the companys bookings grew by 12% YoY to Rs 280 crore, collections increased by 16% YoY at Rs 194 crore during the period under review.

The company said that it has entered Surat with an approximately Rs 1,100 crore horizontal multi-asset township project. The project is spread over approximately 300 acre and signed under the joint development model (55% revenue share). This will be the third city in Gujarat where ASL operates apart from Ahmedabad and Gandhinagar.

The company has added new horizontal project in Ahmedabad spread over approximately 40 acre with a top-line potential of approximately Rs 250 crore. The project is acquired on an outright basis.

Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, We are delighted to share that the company has recorded strong quarterly bookings and collections. Our 9M performance has been outstanding, with both bookings and collections reaching the highest levels in any given nine months period. Furthermore, our operations cycle remains strong with net operating cash flows of Rs 89 crore during Q3 and Rs 360 crore during 9M FY24.

We had a new launch Forest Trails in Sarjapura, Bengaluru during the quarter. This is a premium villa development where we achieved sales of over Rs 154 crore in Q3, which is 30% of the launched inventory. The successful launch of Forest Trails, Sarjapura follows the stellar launch of Greatlands phase 2, Devenahalli and highlights the growing equity and trust of the Arvind brand in our key market of Bengaluru.

Following the remarkable response to Phase 1 of Uplands 2.0 in Adroda Ahmedabad, we swiftly launched Phase 2, achieving sales worth Rs 75 crore. We are delighted to have strong responses to all our new launches over the last several quarters in several different micro markets.

Our business development pipeline remains robust with a cumulative topline potential exceeding Rs 4,150 crore for the current year to date, reflecting our commitment to enhancing and diversifying our offerings across key geographies.

Arvind SmartSpaces is a real estate development company. With approximately 75 million square feet of real estate development across the country, the company is focused on delivering real estate solutions that add value to the lives of its customers and is fast emerging as a leading corporate real estate player in the country. The company has real estate developments across Ahmedabad, Gandhinagar, Bangalore and Pune.

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