India :
Arvind SmartSpaces Limited (ASL), a prominent real estate development company in India, has released its financial outcomes for the quarter and nine months concluding on December 31, 2023.
Arvind Smartspaces Ltd Q3 Financial Results Highlights :
- Bookings saw a 12% year-on-year increase, reaching Rs. 280 Cr compared to Rs. 250 Cr in the previous year.
- Collections surged by 16% year-on-year to Rs. 194 Cr, up from Rs. 167 Cr in the previous year.
- Revenue from Operations experienced a notable growth of 60% year-on-year, totaling Rs. 84 Cr compared to Rs. 53 Cr in the previous year.
- Adjusted EBITDA showed a 60% year-on-year increase, reaching Rs. 21 Cr compared to Rs. 13 Cr in the previous year.
- Profit after tax (PAT) witnessed a remarkable growth of 121% year-on-year, standing at Rs. 9 Cr compared to Rs. 4 Cr in the previous year.
- Net Debt (Interest-bearing funds) rose to Rs. (38) Cr as of December 31, 2023, from a net debt of Rs. (141) Cr as of September 30, 2023, primarily due to business development activities. The Net Debt (Interest-bearing funds) to Equity ratio improved to (0.08) as of December 31, 2023, from (0.30) as of September 30, 2023.
- ASL ventured into Surat with a horizontal multi-asset township project valued at approximately Rs. 1,100 Cr. Spanning approximately 300 acres, the project was secured under the joint development model with a 55% revenue share. This marks ASL’s expansion into its third city in Gujarat, alongside Ahmedabad and Gandhinagar.
- ASL acquired a new horizontal project in Ahmedabad, covering approximately 40 acres with a revenue potential of around Rs. 250 Cr. The project was acquired outright.
About Arvind SmartSpaces:
- Leveraging a rich heritage dating back to the Lalbhai Group’s century-old legacy, Arvind SmartSpaces was established in 2008 and has since emerged as a premier real estate development firm based in Ahmedabad, India.
- With a portfolio spanning approximately 75 million square feet of real estate projects nationwide, the company is dedicated to providing innovative solutions that enhance the quality of life for its customers.
- Positioned as a key player in corporate real estate, Arvind SmartSpaces has established a significant presence in Ahmedabad, Gandhinagar, Bangalore, and Pune.
- Benefiting from the esteemed reputation of the Arvind group and the trust garnered from successful past ventures, the company remains committed to sustaining its robust growth trajectory and delivering value to all stakeholders.