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Arvind SmartSpaces delivers strong Q2 numbers led by robust growth in fresh sales at Rs184cr

The Company has completed the allotment of Equity shares on preferential basis to HDFC Capital Advisors Ltd. and Promoters amounting to Rs85cr.

November 12, 2021 2:35 IST | India Infoline News Service
Arvind SmartSpaces
Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development company has announced its financial results for the quarter and half year ended on September 30, 2021.

The Company reported a strong growth in fresh sales at Rs184cr aided by a set of successful launches of new phases in its existing projects in Ahmedabad.

The Company also reported a jump of 140% in its net collections of Rs161cr for the quarter versus the same quarter of the previous year. Net Interest bearing funds to equity ratio of the Company stands at 0.08 as on Sep-21 vis-à-vis 0.71 as at Sep-20.

The Company has completed the allotment of Equity shares on preferential basis to HDFC Capital Advisors Ltd. and Promoters amounting to Rs85cr.

With this, HDFC Capital Advisors Ltd. have picked up 8.8% stake in the Company on a fully diluted basis. Consequently, Vipul Roongta, MD & CEO - HDFC Capital Advisors Ltd., has joined the Board of Directors of Arvind SmartSpaces Ltd. as a Nominee Director.

The Company also reported its entry into the Sarjapur micro-market in Bangalore through the signing of a joint development agreement for an 18 acre parcel of land on a revenue share basis. This is the 8th project for the Company in Bangalore which remains one of its mostcritical markets.

Key Highlights of Consolidated Financial Results for H1FY22 and Q2FY22:
  • Fresh Sales: 64% Growth yoy at Rs293cr for H1FY22 & 17% Growth yoy at Rs184cr for Q2FY22
  • Revenue: 31% Growth yoy at Rs52.7cr for H1FY22 & 14% decline yoy at Rs25.7cr for Q2FY22
  • PAT: Up by Rs8cr vs LY at Rs5.2cr for H1FY22 & 37% Growth yoy at Rs2.7cr for Q2FY22
  • Collections: 218% Growth yoy at Rs280cr for H1FY22 & 140% Growth yoy at Rs161cr for Q2FY22
  • Unrecognised Revenue: Rs955cr as on Sep 30, 2021 vs. Rs562cr as on Sep 30, 2020
Commenting on the outcome of the Board Meeting, Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, “We are extremely delighted to welcome Vipul Roongta to our Board. This partnership with HDFC Capital Advisors will give us a key competitive advantage in the market and the coming together of two of India’s most trusted brands and businesses will help unlock immense value for all our stakeholders.”

At around 2:34 PM, Arvind SmartSpaces was trading flat at Rs216 per piece on the BSE market.

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The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

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