Ahmedabad-based developer Arvind SmartSpaces Ltd on August 2 reported an 11 percent year-on-year increase in profit after tax (PAT) at Rs 8 crore for the first quarter of the financial year 2023-24.
Revenue from operations grew 11 percent to Rs 67 crore from Rs 60 crore in the year-ago period. Total collections were up 54 percent at Rs 203 crore from the year-ago period, the company said in an exchange filing.
“Q1FY24 was the third successive quarter with best-ever collections. Q1FY24 crossed the Rs 200-crore milestone,” Managing Director and CEO Kamal Singal.
Project bookings grew 14 percent to Rs 135 crore, even as the company announced two horizontal multi-asset township projects in Ahmedabad spread over 704 acre with a top-line potential of Rs 2,300 crore.
Also read: Arvind SmartSpaces Q4 net profit slips 33% to Rs 9.3 crore
The company was looking to scale up with new launches and projects across Ahmedabad, Bengaluru, Pune and Mumbai Metropolitan Region (MMR) in the remaining part of the year, Singal said.
Bookings remained healthy, driven by robust sustenance sales across markets. The operations cycle remained strong with operating cash flows of Rs 111 crore during the quarter, he said.
“Our business development program has picked up intensity with addition of around Rs 2,400 crore of potential topline in the last month,” Singal said.
The two projects in South Ahmedabad, with combined estimated revenue of Rs 2,300 crore, were signed under the joint development model, enabling low capital intensity and higher returns.
“We have also signed a DM project, which results in a topline addition of Rs 116 crore,” the company said.
The stock closed at Rs 379 on the National Stock Exchange, 6 percent down from the previous close.
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