Published on November 5, 2022
Q2 FY23 Bookings grew 3% YoY to Rs. 189 Cr
Successfully launched Fruits of Life, Ahmedabad with launched inventory sold within 36 hours Acquired 2 additional new projects measuring 27 acres and 18 acres each in Bangalore with a cumulative potential topline of ~Rs. 400 cr
Q2 FY23 Revenue increased 96% YoY to Rs. 50 Cr Q2 FY23 PAT increased 79% YoY to Rs. 4.8 Cr
New Delhi : Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies announced its financial results for the quarter and half year ended September 30, 2022.
Performance summary of H1 FY23:
Performance summary of Q2 FY23:
Commenting on the Q2 & H1 FY23 performance, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, “Q2 has been an eventful quarter for the Company with traction across business development, launches and bookings. Bookings performance remained healthy despite a seasonally muted quarter, with momentum across sustenance as well as new launches.
During the quarter, two projects were launched in Ahmedabad, the first being Fruits of Life which witnessed an overwhelming response with the entire launched inventory of Rs. 90 crore sold within 36 hours. The acquisition to launch cycle in this project is noteworthy, just around three months. The second project was Forreste 5, which was launched towards the end of quarter and witnessed healthy traction with higher price realizations.
We are happy to share the acquisition of our 9th and 10th projects in Bengaluru. Bengaluru is our second home market where Arvind group has significant operations and human capital. Over the years, Arvind SmartSpaces has leveraged the Group’s brand equity in Bengaluru and has built meaningful presence.
We are excited with the progress of our partnership with HDFC. Within a short span of two months, we have already added two projects to our portfolio through this platform. The 27 acres project is the second acquisition under the newly created HDFC Platform II.
The real estate sector prospects remain strong with cohesive improvement in demand, supply and prices across markets. The housing cycle has remained positive, especially for organized players with an established track record of design and execution. We look forward to leverage our brand and strong balance sheet to further expand the portfolio of projects in our focus markets of Bengaluru, Ahmedabad, Pune and MMR in line with our growth aspirations. The remainder of the year should witness an improvement in our performance across parameters and we expect to end the year on a strong note.”