Highest ever Annual Sales Value of Rs. 802 Crore; YoY growth of 33%
Highest ever Bangalore Sales Value of Rs. 463 Crore in FY23, up 228% YoY
Highest ever Annual Collections of Rs.600 Crore; YoY growth of 1%
Acquired new projects with an expected topline of ~Rs. 930 Crore during the year
Best ever Q4 Bookings, grew 63% YoY to Rs. 244 Crore
Highest ever quarterly Collections in Q4 FY23, grew 17% YoY to Rs. 188 Crore
The Board of Directors recommended a final dividend of Rs. 1.65/- per equity share and one-time special dividend of Rs. 1.65/- per equity share, totalling to a dividend of Rs. 3.30/- perequity share of face value of Rs. 10/- each
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.
Commenting on the Q4 & FY23 performance, Mr. Kamal Singal, Managing Director and CEO, 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, 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 the phases of Greatlands have received overwhelming response 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 one-time special dividend of Rs. 1.65/- per equity share, totalling 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 rise in residential sales, 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.”
