Realty stock jumps 2 percent in the day’s trade upon announcing 2 development projects i gujarat with a combined potential of Rs. 1,350 Crores and release of Q3FY24 results with a 130 percent jump in Net Profit.
With a market capitalization of Rs. 2,445.26 Crores the shares of Arvind Smartspaces Limited closed at Rs. 539.65, up 2.74 percent from its previous day’s close price of Rs. 525.25.
Arvind Smartspaces Limited has signed an agreement for a large horizontal multiuse golf-themed development project with plots and villas in Surat, in a total estimated area of ~300 acres and with a potential value of ~Rs. 1,100 crore.
This project is located in Northern Surat along NH 48 and would be its 19th project in Gujarat. The project is signed under the joint development model with a 55 percent share in revenue.
It has further signed a new plotted development project in Ahmedabad, with an estimated area of ~40 acres and a top-line potential of ~Rs. 250 crore.
This project is located in Lakshmanpura, Ahmedabad, and will be its 20th project in Gujarat. The company’s cumulative new business development topline potential stands at more than ~Rs. 4,150 Crores for the current year to date.
In addition to this, it has declared its Q3FY24 results, Its revenue from operations grew by 60.15 percent YoY from Rs. 52.63 Crores in Q3FY23 to Rs. 84.29 Crores in Q3FY24 and it grew 16 percent QoQ from Rs. 72.66 Crores in Q2FY24 to Rs. 84.29 Crores in Q3FY24.
Its Net Profit grew by 130.23 percent YoY from Rs. 5.06 Crores in Q3FY23 to Rs. 11.65 Crores in Q3FY24 and it grew 7.57 percent QoQ from Rs. 10.83 Crores in Q2FY24 to Rs. 11.65 Crores in Q3FY24.
Arvind Smartspaces Limited is engaged in the business of developing real estate projects comprising residential, commercial, and industrial projects.
Its revenue from operations declined 0.36 percent from Rs. 257 Crores in FY22 to Rs. 256 Crores in FY23, accompanied by increasing profits of Rs. 25 Crores to Rs. 28 Crores.
Written by: Bharat K.S
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