Arvind SmartSpaces Ltd, the real estate arm of the USD 2Bn Lalbhai Group reported a 400% growth in fresh sales at Rs 110 Cr during Q1FY22 despite the impact due to the second wave of Covid-19.
With 490% jump in collections at Rs 118 Cr, the company significantly reduced its Net Interest bearing funds by 45% which stood at Rs 76 Cr as on 30th June 21 vs Rs 138 Cr as on 31st March 21.
The company reported strong financial performance during Q1FY22 with revenue from operations increasing by 156% year-on-year, EBIDTA margins improving to 30.5% vs 20.4% last year and PAT up by Rs 7.3 Cr from last year.
Unrecognised revenue increased by 76% to Rs 832 Cr as on 30th June 21 vs Rs 472 Cr as on 30th June 20.
Kamal Singal, MD & CEO - Arvind SmartSpaces Ltd said "Despite challenges related to Covid-19, the company has witnessed a strong positive momentum. We expect that this momentum will continue and further improve in the near future. With the optimistic business outlook along with strong cash flows, the Company is aggressively looking to acquire new projects in the near term to further strengthen inventory pipeline and continue its Sales momentum."
Arvind SmartSpaces is India's leading real estate development company headquartered in Ahmedabad, with approximately 19 million square feet of real estate development across Ahmedabad, Gandhinagar, Pune & Bengaluru.
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( With inputs from ANI )
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