Arvind Smartspaces profits crash as sales nosedive
A property development firm posted earnings of 14 crore rupees during the three months that concluded at the end of September, down 65 percent from 41 crore rupees recorded in the corresponding quarter one year earlier. Arvind Smartspaces Limited reported total income declining 47 percent to reach 140.5 crore rupees compared with 265.5 crore rupees during the prior year period, according to regulatory disclosures made on Monday.
Earnings before interest, taxes, depreciation and amortization fell 56 percent to 29.2 crore rupees as margins contracted to 20.7 percent from 25 percent. The developer secured purchase commitments valued at 432 crore rupees between July and September, representing a 147 percent gain from the preceding quarter. That advance was powered by sales at the Arvind Everland residential project located in Sanand, where 954 units generated 400 crore rupees in customer agreements.
Collections climbed 23 percent from the previous quarter to total 236 crore rupees, although the figure remained below the 263 crore rupees gathered during the same quarter last year. For the six months through September, the company recorded bookings worth 607 crore rupees and profit after tax of 30 crore rupees.
