Arvind SmartSpaces has reported a dip of 121.47 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 10.83 crore as against Rs 4.89 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 75.27 crore in Q2 FY24, a growth of 45.82 per cent from Rs 51.62 crore it recorded in the similar quarter last year.
Kamal Singal, managing director and CEO of the company said, “Our operations cycle remains strong with operating cash flows of Rs. 160 crore during the quarter and Rs. 271 crore during the half year. During the quarter, we added a high-rise project with a topline potential of Rs. 400 crore Banerghatta, Bengaluru. We are well on track to conclude our ongoing business plan of Rs. 1,000 crore new investment.”
During the quarter, the company witnessed sales value of Rs 369 crore having year-on-year growth of 95% and collections of Rs. 263 crore with year-on-year growth of 133%.
Net debt (Interest bearing funds) decreased to Rs. (141) crore as on September 30, 2023 from net debt of Rs. (87) crore as on Jun 30, 2023 primarily due to strong internal accruals. Net debt (Interest-bearing funds) to equity ratio stood at (0.30) as on September 30, 2023 as against (0.18) as on Jun 30, 2023.
