Indian real estate developer Arvind SmartSpaces reported a sharp increase in bookings and profits for the first quarter of FY27, supported by strong sales, collections and project execution.
Bookings rose 147% year-on-year to Rs 432 crore in the three months ended June, compared with Rs 175 crore in the same period last year. Collections increased 76% to Rs 336 crore.
Revenue from operations more than tripled to Rs 318 crore from Rs 102 crore a year earlier. Adjusted EBITDA rose to Rs 152 crore from Rs 25 crore, while profit after tax increased to Rs 97 crore from Rs 12 crore.
The company also reported net operating cash flow of Rs 81 crore during the quarter, compared with Rs 27 crore a year earlier.
Arvind SmartSpaces, the real estate development arm of the Lalbhai Group, said its net debt-to-equity ratio stood at 0.29 times at the end of June, compared with 0.26 times at the end of March.
The company continued to expand its project pipeline during the quarter. In April, it entered into a joint development agreement for a high-rise residential project in Goregaon, Mumbai, with an estimated revenue potential of about Rs 2,400 crore and a saleable carpet area of around 0.67 million sq ft.
In June, the developer added a residential project in South Ahmedabad under a joint development model. The project has an estimated revenue potential of Rs 180 crore and a saleable area of about 2.5 million sq ft.
The company’s long-term credit rating was also upgraded to AA- with a stable outlook by India Ratings from A+. The upgrade is expected to improve its financial flexibility as it expands.
Priyansh Kapoor, Managing Director and Chief Executive of Arvind SmartSpaces, said the company had delivered strong quarterly results on the back of sustained sales and collections.
He said the latest project additions were in line with the company’s strategy of expanding in key markets while maintaining disciplined capital allocation.
The company said it remained positive about the long-term outlook for residential real estate and expected organised developers to gain market share.
