Realty company Arvind SmartSpaces announced Q4FY23 & FY23 results: Q4FY23: Bookings grew by 63% YoY; Rs 244 crore vs Rs 150 crore in Q4FY22 Collections increased by 17% YoY, Rs 188 crore vs Rs 160 crore in Q4FY22 Revenue from Operations stood at Rs 93 crore vs Rs 161 crore in Q4FY22 EBITDA stood at Rs 20 crore vs Rs 22 crore in Q4FY22 PAT amounted to Rs 9 crore as against Rs 14 crore in Q4FY22 Arvind Greatlands Phase 2 launched on March 26, 2023 received a remarkable response. Witnessed bookings of Rs 100 crore (the entire launched inventory) within 7 hours. Added ~7 acres to the Doddaballapur Road, project. The size of the project has increased to 41 acres with a topline of ~Rs 388 crore. This project is under HDFC Platform 2. This is ASL’s 9th project in Bangalore. There is a potential opportunity to increase the size of the project significantly by 1.7X subject to technical due diligence. Added ~2 acres to the Sarjapura project. The size of the project has increased to 19 acres with a topline of ~Rs 670 crore. FY23: Bookings grew by 33% YoY; Rs 802 crore vs. Rs 601 crore in FY22 Collections increased by 1% YoY, Rs 600 crore vs Rs 595 crore in FY22 Revenue from Operations stood at Rs 256 crore vs. Rs 257 crore in FY22 EBITDA amounted to Rs 49 crore vs. Rs 49 crore in FY22 PAT grew by 2% YoY, Rs 26 crore as against Rs 25 crore in FY22 Net Interest-bearing funds as on Mar 31, 2023 is Rs -30 crore (vs Mar 31, 2022 Rs -107 crore) increased by Rs 77 crore during the year due to increased business development. Net Debt (Interest-bearing funds) to Equity ratio at (0.07) as on Mar 31, 2023 vs (0.26) on Mar 31, 2022. Acquired new projects with an expected topline of ~Rs 930 crore during the year Added 60 acres with a topline of Rs 600 crore in Bangalore - Doddaballapur Road, North Bangalore and Sarjapura Added 125 acres with a topline of Rs 330 crore in Ahmedabad – Fruits of Life and South Ahmedabad Launched three projects successfully during FY23 including Arvind Greatlands, Fruits of Life and Forreste 5 which contributed 56% of booking value for FY23 Commenting on the Q4 & FY23 performance, Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, “We are delighted to inform that the company has recorded the highest ever annual bookings of Rs 802 crore, a growth of 33% over FY22. For the first time, number of units sold crossed 1,100 units milestone annually. Brand Arvind continues to resonate strongly with homebuyers across Ahmedabad and Bangalore markets. This is evident from the stellar performance of our new launches including Fruits of Life, Forreste V and Greatlands, which contributed 56% of our booking value for FY23. From a quarterly perspective, we had the strongest ever Q4 bookings at Rs 244 crore, second consecutive quarter with Sales Value of over Rs 200 crore. Our Bangalore presence has strengthened further, reporting our highest ever sales value at Rs 463 crore in FY23, up 228% YoY, contributing 58% to the total annual bookings. Both the phases of Greatlands have received overwhelming response from customers. Bangalore region is shaping up well, and we expect it to get stronger in the coming years with increased launches and business development activities. Both FY23 and Q4 Collections were the highest ever in the company’s history, a result of efficient execution of the virtuous process of focus on sales, registrations, construction and deliveries. Strong collections and profitability resulted in operating cash flows of more than Rs 200 crore. Despite increased investments in Business Development activities our Net Debt remained negative at Rs (30) crore, on account of significant internal accruals. As a company, the focus always remains on shareholder value croreeation. We are happy to share the Board of Directors recommended a final dividend of Rs 1.65/- per equity share and one-time special dividend of Rs 1.65/- per equity share, totalling to a dividend of Rs 3.30/- per equity share of face value of Rs 10/- each. The momentum in the Indian housing market continued with rise in residential sales, decline in inventory levels and appreciation in capital values across major cities. Going forward, we are set to expand our portfolio of projects with several launches lined up across a range of micro markets in Ahmedabad and Bengaluru. Our investment program of Rs 1,000 crore is very much on track and we look forward towards its deployment in business development activities in the coming quarters. FY24 is expected to be year of new launches, project additions and bigger milestones for ASL, we are set to scale up faster while maintaining our financial discipline.” Result PDF
Realty firm Arvind SmartSpaces announced Q3FY23 results: 9MFY23: Bookings grew by 24%YoY; Rs 558 crore vs Rs 451 crore last year Collections stood at Rs 412 crore vs Rs 434 crore last year Revenue from operations grew by 71% YoY; Rs 163 crore vs Rs 96 crore last year EBITDA grew by 6% YoY; Rs 29 crore vs Rs 27 crore last year PAT grew by 47% YoY; Rs 16 crore as against Rs 11 crore last year Q3FY23: Bookings grew by 58% YoY; Rs 250 crore vs. Rs 158 crore last year Collections increased by 8% YoY at Rs 167 crore vs Rs 154 crore last year Revenue from operations grew by 23% YoY; Rs 53 crore vs Rs 43 crore last year EBITDA stood at Rs 9 crore vs Rs 12 crore last year PAT stood at Rs 4 crore as against Rs 6 crore last year Net interest-bearing funds as of Q3FY23 is Rs -34 crore (vs Q2FY23 Rs -11 crore) decreased by Rs 23 crore during Q3 primarily due to higher internal accruals. Net debt (interest-bearing funds) to equity ratio at (0.08) as of Q3FY23 vs (0.03) in Q2FY23. Added ~7 acres to the Doddaballapur Road, project. The size of the project has increased to 34 acres with a topline of ~Rs 315 crore. This project is under HDFC Platform 2. This is ASL’s 9th project in Bangalore. There is a potential opportunity to increase the size of the project significantly by 2X subject to technical due diligence. Commenced a large aggregation in South Ahmedabad of which 84 acres have been completed to date with an estimated topline of Rs 150 crore. This would be wholly owned by Arvind SmartSpaces. There is potential to increase the size by 2-3X subject to technical due diligence. Launched one project during Q2FY23 - Arvind Greatlands launched on November 26, 2022, received a phenomenal response. Witnessed bookings of Rs 191 crores (the entire launched inventory) within 10 hours collections of Rs 20 crore from Greatlands during Q3FY23 Commenting on the Q3 & 9M FY23 performance, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, “We have achieved significant operational milestones in Q3 FY23. It has been our best-ever quarter in terms of both booking value and collections. This highlights a strong operations cycle of new sales, construction and delivery. Our robust sales machinery and brand equity is getting increasing recognition across Ahmedabad and Bengaluru with launches continuing to perform well in newer micro markets. We have put in concerted efforts to strengthen our Bangalore operations and are happy with the way our Bangalore story is shaping up. During the quarter, we launched Arvind Greatlands at Devanahalli, Bangalore which received a phenomenal response with almost the entire launched inventory sold within 10 hours. We added a new residential plotted development in South Ahmedabad, which is our 16th project in the region. Despite increased investments in Business Development activities, our net debt decreased further to Rs (34) crore on account of a significant increase in internal accruals The real estate sector continues to showcase buoyancy with all parameters including sales, launches and prices appreciating across the top cities in CY22. We have built a strong and sustainable foundation of the company with a meaningful focus on design and execution, an efficient sales engine, rising brand salience and a healthy balance sheet. We remain committed to our growth initiatives and are geared up to capitalize on the consolidation and corporatisation of the industry. In the coming quarters, we look forward to building on our business development intensity in our core markets of Bengaluru, Ahmedabad, Pune and MMR to create long-term value for all our stakeholders.” Result PDF
Realty company Arvind SmartSpaces announced Q2FY23 results: Q2FY23 Bookings grew 3% YoY to Rs. 189 crore 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 crore Q2FY23 Revenue increased 96% YoY to Rs. 50 crore Q2FY23 PAT increased 79% YoY to Rs. 4.8 crore Commenting on the Q2 & H1 FY23 performance, Mr. Kamal Singal, Managing Director and CEO, of Arvind SmartSpaces commented, “Q2FY23 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 Forrester 5, which was launched towards the end of the 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 a meaningful presence. We are excited about 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 leveraging 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.” Result PDF
Realty company Arvind SmartSpace announced Q3FY22 results: For YTD Dec - FY22: Fresh Sales grew by 40%; Rs 451 crore in YTD Dec FY22 vs. Rs 322 crore last year Revenue from Operations during YTD Dec FY22 Rs 95.6 crore vs. Rs 84.8 crore last year (13% Growth) EBITDA for YTD Dec FY22 is Rs 27.0 crore vs. Rs 25.7 crore last year (EBITDA Margin for YTD Dec FY22 28% vs. 30% last year) PAT for YTD Dec FY22 is Rs 11.1 crore as against Rs 2.2 crore last year (Up by Rs 8.9 crore) Collections during the nine months amounts to approx. Rs 434 crore vs Rs 192 crore last year New Launches during the nine months – Chirping Woods and Forreste Phase 4 in Ahmedabad comprising ~14 lacs sqft. For the Quarter – Q3FY22: Fresh Sales grew by 10% during Q3FY22; Rs 158 crore vs. Rs 144 crore last year Revenue from Operations during Q3FY22 Rs 42.9 crore vs. Rs 44.5 crore last year ( 3% decline) EBITDA for Q3FY22 is Rs 12.0 crore vs. Rs 14.4 crore last year (EBITDA Margin for Q3FY22 28% vs. 32% LY) PAT for Q3FY22 is Rs 5.9 crore as against Rs 5.0 crore last year (Growth 18%) Collection during the quarter amounts to approx. Rs 154 crore vs Rs 105 crore last year Net Interest bearing funds reduced to Rs (85) crore (Surplus Rs 85 crore as on Dec 31, 2021 from Net debt of Rs 26 crore as on Sep 30, 2021). This represents a negative net debt position reflecting surplus funds waiting to be invested in new projects. Commenting on the outcome of the Board Meeting, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, “We are extremely delighted to announce our second project in Pune market as we recently finalized a binding agreement for an outright purchase of 35 acres of land. This will be our first large horizontal residential development project in the city. After Bangalore and Ahmedabad, Pune and MMR are our new growth markets and we intend to increase our footprint in these markets by investing aggressively as part of our current investment cycle.” Mr. Singal further added, “The real estate segment has seen a strong revival with double digit growth in sales volume and launches during the quarter. Driven by strong product portfolio and some very successful recent launches, our fresh sales have continued to show a strong momentum with a growth of 10% YoY during Q3FY22 and 40% YoY during YTD Dec FY22. Our strong performance on collections coupled with proceeds from equity issuance on preferential basis to HDFC Capital Advisors and Promoters has enabled us to bring down our Net debt levels to negative at (0.21) which gives us a strong headroom to fund our next wave of growth. The Company is well poised to enter into next cycle of investments in new projects owing to very strong internal accruals, increased equity base and significant headroom available to raise fresh debt.” “The markets continue to perform strongly with volumes in the second half of the last calendar year equaling the highs last seen in the beginning of 2016. Developers with strong brand, corporate governance frameworks and strong execution track record will stand to benefit greatly from this resurgence in demand. The company is well poised to take advantage of such positive tailwinds and currently focused on investing in medium and large scale projects with state of the art designs and solutions. The recent addition of three new large-scale projects, the one at Devanahalli under HDFC Platform, another large residential villa project at Sarjapur, Bangalore and now at Bhugaon, Pune, indicate the beginning of our post pandemic fresh investment cycle. This is in line with our strategy of investing heavily in Pune and MMR markets besides deepening our penetration in our key geographies of Bangalore and Ahmedabad.” Mr. Singal said. Result PDF