Arvind SmartSpaces announces Results for the quarter and nine months ended Dec 31, 2020

Arvind SmartSpaces Limited (ASL), India's leading real estate development company announced today its financial results for the quarter and nine months ended on Dec 31, 2020.

- The company recorded a 138% growth in fresh MIS sales for the quarter which stood at Rs. 144 Crores (Rs. 61 Crores last year).

- The company has recorded Consolidated Revenue for the quarter ended Dec 31, 2020 Rs. 44.5 Crores as against Rs. 94.2 Crores during the same period of the last year (Down by 53%).

- The consolidated EBITDA for the quarter ended Dec 31, 2020 is Rs. 14.4 Crores as against Rs. 39.1 Crores for the same period of last year.

- The consolidated PAT for the quarter ended Dec 31, 2020 is Rs. 5.0 Crores as against PAT of Rs. 19.5 Crores for the same period of last year.

Commenting on the results and outlook of the company, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, "Industry has picked up well in the past few months both in terms of new launches and sales on a sequential basis. While, post Covid, sales has picked up sequentially, it is still a few months away to come back to pre-Covid levels. Our company has witnessed a very significant growth of 138% in our fresh sales. We clocked fresh sales of Rs. 144 Cr for Q3 FY21, as against sales of Rs 61 Cr during Q3 FY20. Similarly, cumulative fresh MIS sales for 9 months has also registered a healthy growth of 134% mainly on account of some very successful launches. We expect that the momentum will continue in near future too. Several key initiatives by the government like incentives on affordable housing, effective reduction in interest rates etc. are expected to fuel a fresh cycle of growth in the industry. We believe that despite several macro-economic and post Covid challenges, Arvind SmartSpaces is well positioned to take advantage of available opportunities and in turn deliver value to its customers and stakeholders."

"The company has nine ongoing projects totaling more than 14 million sq. ft. under various stages of development which would be completed over the next 3-5 years. Currently, we are operating out of Ahmedabad, Gandhinagar, Bangalore and Pune. We intend to further consolidate project pipeline across these cities and are well poised to take advantage of opportunities which are expected to come under the current business environment while cautiously treading through the challenges." Mr. Singal further added.

Shares of Arvind SmartSpaces Ltd was last trading in BSE at Rs.100.3 as compared to the previous close of Rs. 98.9. The total number of shares traded during the day was 11051 in over 287 trades.

The stock hit an intraday high of Rs. 102.5 and intraday low of 95.4. The net turnover during the day was Rs. 1109417.

Source : Equity Bulls

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