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Arvind SmartSpaces logs strong FY22 numbers led by robust growth in fresh sales at Rs601 crore; Stock tumbles 3.5%

Revenue for the financial year grew at 72% YoY at Rs257 crore.

May 23, 2022 9:16 IST | India Infoline News Service
Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies announced its financial results for the quarter and the year ended on March 31, 2022.

The Company reported strong momentum in fresh sales with Rs150 crore for the quarter aided by strong traction for luxury villas at its existing project in Ahmedabad. The Company also reported a jump of 20% in its net collections of Rs160 crore for the quarter versus the same quarter of the previous year. Net Interest bearing funds to equity ratio of the Company stands at (0.26) as on Mar-22 vis-à-vis 0.46 as at Mar-21.

Key Highlights of Consolidated Financial Results for FY22 and Q4FY22:
  • Fresh Sales: 14% YoY growth at Rs601 core for FY22 & 27% YoY decline at Rs150 crore for Q4FY22
  • Revenue: 72% YoY growth at Rs257 crore for FY22 & 150% QoQ growth at Rs161 crore for Q4FY22
  • PAT: 186% YoY growth at Rs25 crore Up for FY22 & 112% YoY growth at Rs14 crore for Q4FY22
  • Collections: 83% growth at Rs595 crore for FY22 & 20% YoY Growth at Rs160 crore for Q4FY22
  • Unrecognised Revenue: Rs1005 crore as on Mar 31, 2022 vs. Rs762 crore as on Mar 31, 2021
Commenting on the outcome of the Board Meeting, Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, “FY 22 has been a year of tremendous growth for the company. We have achieved the highest sales and collections in our history and have deleveraged our balance sheet thereby positioning us optimally to take advantage of new opportunities to increase our penetration in our focus markets and segments.

In addition to expanding our existing land parcel in Devanahalli in Bangalore, we have also acquired two strategically important projects, one in Pune and the other in Bangalore, which will enable us to continue our strong sales momentum this year. We will continue to invest aggressively across our focus markets.”

Singal further added, “Despite the 3rd wave of Covid, the 4th quarter of the financial year saw record breaking absorption across all the top real estate markets in the country. Rising input costs have put pressure on the margins of all developers. However we have been able to minimize the impact through improved operational efficiencies and effecting price increases across our portfolio in a measured way.

We as a company have always believed in being at the forefront technology adoption. Our digital sales initiatives including the launch of the country first end-to-end digital sales platform have enabled us to drive over 35% of all fresh sales through digital channels thereby lowering our overall cost of sales.”

“We expect the current buoyancy in the real estate market to continue in the medium term and we believe developers with strong brand, corporate governance frameworks and good execution track record will stand to benefit greatly from this resurgence in demand. We will continue to focus on adding value accretive horizontal development projects to our portfolio and designing products that enhance the lives and living standards of our customers” Singal said.

On Monday morning trade, Arvind SmartSpaces was trading at Rs187.40 per piece lower by 3.48% on the BSE.

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