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Arvind Smartspaces (ASL) experienced a decline of 26.35 percent in its consolidated net profit for the period ending on March 31, 2023. According to a filing on the BSE, the company reported a profit of Rs 10.48 crore for Q4 FY23, a decrease from the Rs 14.23 crore it earned during the same quarter in the previous fiscal year.
The Company faced a decline of 42.32 percent in its consolidated net total income in Q4 FY23, amounting to Rs 94.37 crore, in comparison to Rs 163.62 crore generated in the corresponding quarter of the previous year.
The Managing Director and CEO of the company, Kamal Singal, expressed his contentment in announcing that the company has achieved the highest annual bookings of Rs 802 crore. In the financial year 2022, there has been a significant increase in worth of 33 percent to Rs 802 crore. Annually, the number of units sold has surpassed the significant milestone of 1,100 units for the first time.
In terms of the quarter, we experienced the highest Q4 bookings ever recorded, amounting to Rs 244 crore. For the second consecutive quarter, sales value has exceeded Rs 200 crore. Operating cash flows exceeding Rs 200 crore were achieved due to robust collections and profitability. Our financial scheme will undertake profitable investments. We are on the right path to achieving the deployment of Rs 1,000 crore for our business development endeavours in the next few quarters.
The board of directors have suggested a final dividend of Rs 1.65 for every share worth Rs 10. In addition, there will be a one-time special dividend of the same amount per share. Consequently, the total amount of money distributed as earnings for the fiscal year ending on March 31, 2023, is Rs 3.30 for each equity share that holds a nominal value of Rs 10 each.
According to a regulatory filing, Lalbhai has been appointed as the vice chairman of the board of directors of the company. He was previously a non-executive director but has now been redesignated as a vice chairman and non-executive director, effective from May 19, 2023. Kulin S was also appointed by the board.
The business experienced an annual revenue of Rs 802 crore. Bookings increased by 33 percent year-on-year, reaching Rs 802 crore; annual collections also grew by 1 percent year-on-year to Rs 600 crore. The net amount of funds bearing interest is Rs -30 crore as of March 31, 2023, which has decreased significantly from the previous year's figure of Rs -107 crore. As of March 31, 2023, the ratio of interest-bearing funds to equity, also known as net debt, is significantly lower at -0.07 when compared to the same period in the previous year, which recorded -0.26.
Arvind SmartSpaces Ltd. is a company within the Real Estate industry that was established in 2008 and currently has a market cap of Rs 1,521.12 Crore, making it a Small Cap organization. The company is involved in creating top-notch yet reasonably priced upscale properties, both residential and commercial, situated in Ahmedabad, Gandhinagar, and Bengaluru.
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