iStockRealty developer Arvind SmartSpaces has reported 79% on-year rise in net profit at Rs 4.8 crore for the quarter ended September on the back of 96% growth in revenue from operations at Rs 50 crore.
The company’s bookings grew 3% to Rs 189 crore during the quarter, while its collections stood at Rs 113 crore as against Rs 161 crore a year ago.
“The quarter has been an eventful one for the company with traction across business development, launches and bookings. Bookings performance remained healthy despite a seasonally muted quarter, with momentum across sustenance as well as new launches,” said Kamal Singal, Managing Director and CEO, Arvind SmartSpaces.
During the quarter, the developer acquired two new projects measuring 27 acres at Doddaballapur Road and 18 acres near IVC Road in North Bangalore with a total estimated revenue potential of nearly Rs 400 crore.
According to the company, there is a potential opportunity to increase the size of both the projects significantly by 2-3X subject to technical due diligence. These are the company’s 9th and 10th projects in the city.
“We look forward to leverage our brand and strong balance sheet to further expand the portfolio of projects in our focus markets of Bengaluru, Ahmedabad, Pune and MMR in line with our growth aspirations. The remainder of the year should witness an improvement in our performance across parameters and we expect to end the year on a strong note,” Singal said.
In August, the Ahmedabad-headquartered Lalbhai Group company entered into an agreement with Capital Advisors to set up a Rs 900-crore platform to undertake residential developments. The two new projects added during the quarter are part of this platform.
The company’s bookings grew 3% to Rs 189 crore during the quarter, while its collections stood at Rs 113 crore as against Rs 161 crore a year ago.
“The quarter has been an eventful one for the company with traction across business development, launches and bookings. Bookings performance remained healthy despite a seasonally muted quarter, with momentum across sustenance as well as new launches,” said Kamal Singal, Managing Director and CEO, Arvind SmartSpaces.
During the quarter, the developer acquired two new projects measuring 27 acres at Doddaballapur Road and 18 acres near IVC Road in North Bangalore with a total estimated revenue potential of nearly Rs 400 crore.
According to the company, there is a potential opportunity to increase the size of both the projects significantly by 2-3X subject to technical due diligence. These are the company’s 9th and 10th projects in the city.
“We look forward to leverage our brand and strong balance sheet to further expand the portfolio of projects in our focus markets of Bengaluru, Ahmedabad, Pune and MMR in line with our growth aspirations. The remainder of the year should witness an improvement in our performance across parameters and we expect to end the year on a strong note,” Singal said.
In August, the Ahmedabad-headquartered Lalbhai Group company entered into an agreement with Capital Advisors to set up a Rs 900-crore platform to undertake residential developments. The two new projects added during the quarter are part of this platform.
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