Real estate arm of the USD 2Bn Lalbhai Group, Arvind SmartSpacesLtd has posted record quarterly Fresh sales of Rs. 207 Cr, a 39% jump Y-0-Y in Q4 FY21.
The Fresh sales for FY21 were the highest ever since inception which stood at Rs.529Cr, a 85% jump from FY20 (286 Cr) The unrecognised revenue as on March 31, 2021 stood at Rs. 762 Cr vs Rs. 477 Cr lastyear.
There has been an effective working capital debt reduction of Rs. 95 Cr from Rs. 217 Cr as on Mar20 to Rs. 122 Cr as on Mar21 The company has recorded Consolidated Revenue of Rs. 64 Cr for Q4 FY21 as against Rs. 133 Cr in Q4 FY20.
The consolidated EBITDA margins for the quarter ended Mar 31, 2021 is 23% vs 21% last year.
The consolidated PAT for the quarter ended Mar 31, 2021 is Rs. 6.6 Cr as against PAT of Rs. 14.7 Cr for the same period last year.
Commenting on the results, Kamal Singal, MD& CEO, Arvind SmartSpaces said, “Our company has witnessed a very significant growth of 85% in fresh sales. We clocked record fresh sales of Rs. 529 Cr for FY21 crossing an important milestone of Rs. 500 Cr mark. The company has bounced back very strongly after the first wave of COVID-19 and recorded highest ever performance parameters like Fresh Sales, Collections and Unrecognised Sales. We expect that the momentum will continue in near future too. Despite witnessing strong Sales momentum in fresh bookings, the same does not reflect in financial performance due to a time lag between the revenue recognition and Fresh Sales due to accounting standards. No new Project was completed during the year which affected the overall revenue recognition in the books of accounts despite excellent performance in sales and execution.
We believe that despite several macro-economic and post Covid challenges, Arvind Smartspaces is well positioned to take advantage of available opportunities and in turn deliver value to its customers and stakeholders.
The company has delivered 10 projects totalling 3.8 million sq. ft. and has 9 ongoing projects totalling more than 14 million sq. ft. under various stages of development which would be completed over the next 3-5 years. The company has presence in Ahmedabad, Gandhinagar, Bangalore and Puneoffering residential townships, luxury villas, plotting projects and Golf Clubs.