In a recent financial announcement, Arvind SmartSpaces Ltd disclosed a remarkable 67 per cent increase in its net profit, soaring to Rs 15.49 crore for the quarter ended March, primarily attributed to heightened income levels. This significant surge contrasts with the Rs 9.30 crore net profit recorded during the corresponding period last year.
The company's total income for the quarter escalated to Rs 120.10 crore, marking a substantial rise from the Rs 94.37 crore reported a year ago.
Over the course of the 2023-24 fiscal year, Arvind SmartSpaces demonstrated robust financial performance, with its net profit surging to Rs 41.57 crore from Rs 25.60 crore in the previous fiscal year. Correspondingly, total income witnessed a notable upswing, ascending to Rs 350.87 crore from Rs 263.25 crore in the preceding fiscal year.
On the operational front, the company's sale bookings exhibited a commendable growth of 38 per cent, reaching Rs 1,107 crore in 2023-24 from Rs 802 crore in the prior year.
Commenting on the fiscal accomplishments, Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, remarked, "FY24 has been a landmark year for the company, marked by significant milestones achieved in bookings, collections, and business development. The company has achieved its highest-ever annual bookings of Rs 1,107 crore, reflecting a remarkable 38 per cent year-on-year growth."
Singal further highlighted the company's expansion initiatives, noting the acquisition of new projects expected to generate a topline revenue of Rs 4,150 crore, a substantial increase from Rs 930 crore in FY23. "We have added four new projects in Ahmedabad, and one each in Bengaluru and Surat. We look forward to sustaining this momentum in the coming year as well," Singal affirmed.
The robust financial performance and strategic expansions underscore Arvind SmartSpaces' commitment to driving growth and delivering value to its stakeholders in the dynamic real estate sector.
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