Shares of this company surge more than 4 per cent after announcement of stellar results!
For 9M FY23, the company’s revenue from operations grew by whopping 71 per cent on YoY basis
On Monday, shares of Arvind Smartspaces rallied more than 4.90 per cent to make an intraday high of Rs 311 apiece. The scrip recently made a new 52 week high of Rs 348 per share on January 16, 2023.
The company informed the exchange that it has received highest ever quarterly bookings in Q3 FY 23, which witnessed a growth of 58 per cent on YoY basis to Rs 250 crore. It recorded highest ever quarterly collection in Q3 FY23, increasing by 8 per cent on YoY basis to Rs 167 crore.
For 9M FY23, the company’s revenue from operations grew by whopping 71 per cent on YoY basis, with the EBITDA increasing by 6 per cent from last to Rs 167 crore. Net profitability of the firm grew by 47 per cent YoY to Rs 16 crore.
Arvind Smartspaces is the real estate arm of the Lalbhai Group, a 2-billion-dollar conglomerate. It is currently executing 9 projects through its own land, JVs and joint development model. During the quarter, the company added 7 acres to the Doddaballapur Road, project, for which the size increased to 34 acres with a topline of Rs 315 crore.
Talking about the same, company’s CEO Kamal Singal pointed out that it this has been their best ever quarter in terms of both booking value and collections, which highlights a strong operations cycle of new sales, construction and delivery. Their robust sales machinery and brand equity is getting recognition across Ahmedabad and Bengaluru with launches to continuing to perform well in newer micro markets.
The stock has shown positive traction as it has surged more than 39 per cent in the past 1 year and more than 60 per cent in the last 6 months. Keep a close eye on this trending stock.