Arvind Smartspaces takes 75% hit on profit

The pandemic induced disruption in the real estate sector saw Arvind Smartspaces took a 75 per cent hit on its consolidated net profit for the third quarter of FY20-21 at ~5.33 crore. Last year, the real estate firm of the Arvind group saw a consolidated Q3 net profit of ~20.84 crore.

The company’s consolidated total revenue also dipped 53 per cent to ~44.68 crore in Q3 of FY21, as compared to ~94.54 crore in the said quarter last year.

However, the company recorded a 138 per cent growth in fresh MIS sales for the quarter which stood at ~144 crore, as against ~61 crore in the corresponding period last year. According to the company’s filing, while financial performance was based on project completion according to applicable accounting standards, there was a strong momentum in sales, with fresh bookings and healthy pipeline.

Commenting on the results of the company, Kamal Singal, MD and CEO, Arvind Smartspaces, said the industry had picked up well in the past few months both in terms of launches and sales on sequential basis.

“We expect that the sales momentum will continue in the near future too. Several key initiatives by the government 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 the available opportunities and in turn deliver value to its customers and stakeholders,” said Singal.