Arvind SmartSpaces Ltd's Q4 Net Profit Soars by 67%

07 May 2024 CW Team

Realty firm Arvind SmartSpaces Ltd announced a significant surge in its net profit, marking a 67 per cent increase to Rs 15.49 crore for the quarter ended March, driven by a substantial rise in income. Compared to Rs 9.30 crore in the corresponding period last year, the company witnessed notable growth in profitability.

The company's total income also experienced an upward trajectory, reaching Rs 120.10 crore in the quarter, up from Rs 94.37 crore recorded in the same quarter a year ago.

Throughout the fiscal year 2023-24, Arvind SmartSpaces Ltd witnessed a remarkable growth in net profit, soaring to Rs 41.57 crore from Rs 25.60 crore in the preceding year. Similarly, total income saw a significant surge, rising to Rs 350.87 crore from Rs 263.25 crore in the fiscal year 2022-23.

In terms of operational performance, the company's sale bookings demonstrated a robust increase of 38 per cent, reaching Rs 1,107 crore in fiscal year 2023-24 compared to Rs 802 crore in the previous year.

Commenting on the financial results, Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, expressed his satisfaction with the company's performance. Singal highlighted, FY24 has been a landmark year for the company with milestones achieved across bookings, collections, and business development. He emphasized that the company achieved its highest ever annual bookings of Rs 1,107 crore, reflecting a significant 38 per cent year-on-year growth.

Singal further elaborated on the company's strategic expansion, stating, We have acquired new projects with an expected topline of Rs 4,150 crore as against Rs 930 crore in FY23. He noted the addition of four new projects in Ahmedabad and one each in Bengaluru and Surat, expressing optimism about sustaining this momentum in the upcoming year.

Arvind SmartSpaces Ltd's strong financial performance underscores its robust position in the real estate sector and its strategic initiatives for future growth and expansion.

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