23 May 2022 , 09:16 AM
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-Ã -vis 0.46 as at Mar-21.
Key Highlights of Consolidated Financial Results for FY22 and Q4FY22:
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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