Arvind SmartSpaces Announces Results for quarter ended 30th September 2018
Highlights:
- Q2 FY19 Profit after OCI at INR 1.8 crore
- Q2 FY19 Total Consolidated Revenue at INR 45 crores
- Q2 FY19 Total booking value of sales at INR 103 crores
- Targets Rs 1,000 crores revenue in next 4 years
November 2, 2018, National: Arvind SmartSpaces Limited (ASL), India’s leading real estate development company announced today its financial results for the quarter ended on 30th September 2018.
The Company has adopted IND AS 115 with effect from 1″ April, 2018 and has opted for the modified retrospective approach. As a part of this adoption, the Company has done a transitional adjustment of Rs. 80.35 crores (net of deferred tax) to the opening retained earnings of the consolidated financials.
The financials of the prior reporting periods have not been restated and hence, 0.2 FY19 numbers are not comparable with previous reporting periods.
The company has recorded Consolidated Revenue for the quarter ended 30′ September 2018 of Rs. 45 crores as against Rs. 32 crores during the same period of the last financial year.
The consolidated EBITDA for the quarter ended 30th September 2018 is Rs 9 crores as against Rs 12 crores for the same period of last financial year.
The company has posted a consolidated PAT of Rs 2 crores for the quarter ended 30th September 2018 as against PAT of Rs 5 crores for the same period of last year.
Commenting on the results and outlook of the company, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, “Arvind SmartSpaces continues to maintain its performance, quarter on quarter basis since last 4 years of its listing and expects to maintain the growth momentum. We have already delivered seven projects of around 2.8 million sq. ft. and have another seven projects totaling 7 million sq. ft. under various stages of development which would be completed over the next 3-4 years. We have recently added two new projects (one each at Bangalore & Pune) and are continuously looking at further strengthening of our project pipeline during the remaining months of the current financial year.
Mr. Singal added that “The real estate industry in India has entered into very important phase, as the impact of various regulatory reforms like RERA, GST, Insolvency and Bankruptcy Code, IND AS 115, RHTs regulation, etc. have started showing positive signals. This will result in a healthy ecosystem set with greater transparency, accountability and customer assurance and organized players like ARVIND should be the beneficiary of these structural changes. Development of affordable housing is encouraged by the government through various consumer friendly incentive schemes which will help the real estate sector perform better in the long run and push uptake in residential demand in coming years. The recent developments on the interest rates hike, crude oil prices, depreciation of Rupee etc., may have some negative short-term impact in the overall economy as well as on real estate sector. Although there is enough liquidity in the system in the form of credits/ loans for the home buyers, it will be interesting to see how the interest rates for home loans move in the coming months. Of late we have seen trends of hardening of interest rows in the overall economy and in the real estate sector. Such signals of interest rates hardening are also seen in working capital credits. The situation is emerging and clear trends will be seen in the coming months.”
Built on 80 years old legacy of Arvind Ltd. and established in year 2008, Arvind SmartSpaces is India’s leading real estate development company headquartered in Ahmedabad. With approximately 8 million square feet of real estate development across the country, the company is focused on delivering real estate solutions that add value to the lives of its customers and is fast emerging as a leading corporate real estate player in the country. The company has real estate developments across Ahmedabad, Gandhinagar, Bangalore and Pune. Backed by the strong brand name of Arvind group and the credibility achieved through already delivered projects, the company has aggressive plans to expand to other parts of the country.
