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Arvind SmartSpaces posts Rs 2.49 crore profit in Q1 FY22, Real Estate News, ET RealEstate

Arvind SmartSpaces posts Rs 2.49 crore profit in Q1 FY22, Real Estate News, ET RealEstate
NEW DELHI: Arvind SmartSpaces, the real estate arm of Lalbhai Group, has reported Rs 2.49 crore net consolidated profit in the first quarter of the financial year 2021-22, the company said in the BSE filing. It had recorded a loss of Rs 4.83 crore in the corresponding quarter last year.

The company’s net consolidated income stood at Rs 28.19 crore in Q1 FY22, a growth of from Rs 10.77 crore it recorded in the similar quarter previous year.

Kamal Singal, MD & CEO of the company said, “With the optimistic business outlook along with strong cash flows, the company is aggressively looking to acquire new projects in the near term to further strengthen inventory pipeline and continue its sales momentum. The company has ten ongoing projects totaling more than 14.9 million sq ft under various stages of development which would be completed over the next 3-5 years.”

Its net interest bearing funds reduced to Rs 76 crore as on June 30, 2021 from Rs 138 crore as on March 31, 2021. EBIDTA margins improved to 30.5% as against 20.4% last year.

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