Arvind SmartSpaces Ltd. Q4 & FY23 Financial Results
India, May 22, 2023: Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies announced its financial results for the quarter and full year ended March 31, 2023.
Performance summary of FY23:
- Bookings grew by 33% YoY; Rs. 802 Cr vs. Rs. 601 Cr last year
- Collections increased by 1% YoY, Rs. 600 Cr vs Rs. 595 Cr last year
- Revenue from Operations stood at Rs. 256 Cr vs. Rs. 257 Cr last year
- EBITDA amounted to Rs. 49 Cr vs. Rs. 49 Cr last year
- PAT grew by 2% YoY, Rs. 26 Cr as against Rs. 25 Cr last year
- Net Interest-bearing funds as on Mar 31, 2023, is ₹ -30 Cr (vs Mar 31, 2022, ₹ -107 Cr) increased by ₹ 77 Cr 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 cr 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
Performance summary of Q4 FY23:
- Bookings grew by 63%YoY; Rs. 244 Cr vs. Rs. 150 Cr last year
- Collections increased by 17% YoY, Rs. 188 Cr vs Rs. 160 Cr last year
- Revenue from Operations stood at Rs. 93 Cr vs. Rs. 161 Cr last year
- EBITDA stood at Rs. 20 Cr vs. Rs. 22 Cr last year
- PAT amounted to Rs. 9 Cr as against Rs. 14 Cr last year
- 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.
Commenting on the Q4 & FY23 performance, Mr. Kamal Singal, Managing Director and CEO, of Arvind SmartSpaces said, “We are delighted to inform that the Company has recorded the highest ever annual bookings of Rs. 802 Cr, a growth of 33% over FY22. For the first time, a number of units sold crossed 1100 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 phases of Greatlands have received overwhelming responses 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 creation. We are happy to share the Board of Directors recommended a final dividend of Rs. 1.65/- per equity share and a one-time special dividend of Rs. 1.65/- per equity share, totaling 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 the rise in residential sales, the 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.”