MUMBAI: Realty developer Arvind SmartSpaces has reported 112% on-year rise in net profit at Rs 14 crore for the quarter ended March on the back of 150% growth in revenue at Rs 161 crore.
Fresh sales for the quarter declined 27% from a year ago to Rs 150 crore, while collections grew 20% to Rs 160 crore. The developer’s fresh sales for the quarter were aided by traction for luxury villas at its existing project in Ahmedabad.
For the financial year 2021-22, the company reported 186% rise in net profit at Rs 25 crore. Revenue also grew 72% to Rs 257 crore.
“FY22 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,” said Kamal Singal, Managing Director and CEO, Arvind SmartSpaces.
According to him, rising input costs have put pressure on the margins of all developers. However, the company has been able to minimize the impact through improved operational efficiencies and effecting price increases across our portfolio in a measured way.
The developer’s digital sales initiatives including the launch of the digital sales platform has helped it drive 35% of all fresh sales through digital channels thereby lowering its overall cost of sales.
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