Arvind SmartSpaces shares gain 3% as it sells out Bengaluru project worth Rs 180 crore at launch

Arvind SmartSpaces' share price has fallen over 20 percent since the start of the year.

Shares of Arvind SmartSpaces rallied 3 percent to Rs 717 in morning trade on March 26 after the company said that its latest residential development, Arvind The Park, in Bengaluru’s Devanahalli, sold all 200 launched plots on debut. The realty firm generated over Rs 180 crore in bookings, underscoring robust demand for plotted developments in the region.

Positioned as a premium offering, Arvind The Park blends luxury with leisure, featuring an executive-level golf course and a suite of high-end amenities. Buyers will gain access to Monogram by Arvind Lounges and Resorts, a fully integrated retreat equipped with a gym, rooftop infinity pool, indoor games, jogging track, badminton court, spa, business center, multimedia theatre, and more.

Follow our LIVE blog for all the latest market updates

"We are delighted by the overwhelming response from Bengaluru homebuyers for Arvind The Park. This marks our third plotted development in Devanahalli, following the success of Arvind Greatlands and Arvind Orchards," the management said in a regulatory filing on March 25. "As the Arvind brand continues to grow in Bengaluru, we are now excited to introduce Arvind Orchards Phase 2 in Devanahalli and high-rise development in Bannerghatta in the coming quarters," it added.

Since entering the Bengaluru market in 2013, Arvind SmartSpaces has expanded its footprint with 12 projects, of which six have been completed while the rest are in various stages of development.

Also read: Vi seeks spectrum surrender to reduce Rs 6,091-crore bank guarantee burden

Beyond Bengaluru, Arvind SmartSpaces is expanding into the Mumbai Metropolitan Region (MMR) with a large-scale multi-use project near Khopoli. Announced in January, the 92-acre development is projected to generate a top-line potential of Rs 1,500 crore. The project will follow a joint development model, with Arvind SmartSpaces holding a 70.5 percent revenue share in partnership with Sach Developers.

Arvind SmartSpaces delivered a strong financial performance in the third quarter, with net sales surging 149.3 percent to Rs 210.16 crore from Rs 84.30 crore in the same period last year. Quarterly net profit soared 407.88 percent to Rs 47.74 crore, while EBITDA jumped 193.52 percent to Rs 64.75 crore. Earnings per share (EPS) also saw a sharp rise, increasing to Rs 10.49 from Rs 2.07 in December 2023.

At about 9:20 am, shares of the company were trading at Rs 711, higher by 2 percent from the last close on the NSE. Arvind SmartSpaces' share price has fallen over 20 percent since the start of the year.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.