Arvind Smartspaces has reported a growth of 108.97 per cent in its net consolidated profit during the quarter ended September 30, 2022. Its profit after tax (PAT) stood at Rs 4.89 crore in Q2 FY23 as against Rs 2.34 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated income stood at Rs 51.62 crore in Q2 FY23, a growth of 86.62 per cent from Rs 27.66 crore it recorded in the similar quarter last year.
The board of directors approved the proposal to raise funds by way of issuance of debt securities including but not limited to senior, secured, rated, listed, redeemable non-convertible debentures on private placement basis up to Rs 150 crore, the company said in the regulatory filing.
Kamal Singal, managing director and CEO of the company said, “Q2 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. 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.”
Net Interest-bearing funds as on September 30, 2022 is Rs -11 crore (vs June 2022 Rs -92 crore) increased by Rs 81 crore during Q2 primarily due to business development. Net debt (Interest-bearing funds) to equity ratio was at 0.03 as on September 30, 2022 as against 0.22 on June 30, 2022.
During the quarter, the company acquired two new projects admeasuring 27 acres at Doddaballapur Road and 18 acres near IVC Road in North Bengaluru with a total estimated topline potential of about Rs. 400 crore.
