Realty developer Arvind SmartSpaces has reported over 44% on-year decline in net profit at Rs 5 crore for the quarter ended June. The company’s revenue from operations rose 11% from a year ago to Rs 75 crore.
The developer’s bookings for the quarter grew 49% to Rs 201 crore, while collections stood at Rs 248 crore, up 21% from a year ago, the company said in a release.
“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…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,” said Kamal Singal, MD and CEO, Arvind SmartSpaces.
The developer has acquired additional 42 acres at its project Uplands 2.0 & 3.0 and this is expected to add Rs 205 crore to the top line.
The company is planning to develop the remainder phase of its project Forest Trails Sarjapur in Bengaluru as a high-rise project comprising a saleable area of 3.2 lakh sq ft. With this, the project’s top line potential increased by around Rs 205 crore.
Arvind SmartSpaces’ net debt to equity ratio stood at (0.12) as on Jun 30, 2024 as against (0.08) as on March end.
