- Q1 FY19 Profit after OCI at INR 1.1 crore
- Total Consolidated Revenue at INR 28 crores
- Total booking value of sales at INR 34 crores in Q1 FY19
- Launched 2 new projects with 2 million sq. ft. of saleable area during the quarter
- Targets INR 1,000 crores revenue in next 4 years
Arvind SmartSpaces Limited (ASL), India's leading real estate development company announced today its financial results for the quarter ended 30th June 2018.
The Company has adopted IND AS 115 during Q1 FY19, effective from 15th April, 2018 and has opted for the modified retrospective approach. As a part of this adoption, the Company has done a transitional adjustment of INR 77.47 crores (net of deferred tax) to the opening retained earnings of the consolidated financials. The financials of the prior reporting periods have not been restated and hence, Q1 FY19 numbers are not comparable with previous reporting periods.
Commenting on the results and outlook of the company, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, "Arvind SmartSpaces continues its good performance since its listing in August 2015 with 25% to 30% per cent year-on-year growth. We have already delivered seven projects of around 2.8 million sq. ft. and has another seven projects totaling to 7 million sq. ft. under various stages of development expected to be completed over the next 3-4 years.
Mr. Singal added that this was also the first quarter where the company has adopted new accounting standard IND AS 115, which uses the project / contract completion method instead of the existing percentage completion method. Going forward, while fluctuations in reporting the income are expected, there will be no impact on the company's cash flow or income tax liability, as the company continues to follow percentage completion method under Income Computation and Disclosure Standards (ICDS) for income tax purpose. We expect fluctuations in reporting income in the coming financial years due to the transition towards new accounting standards. However, the company has plans to complete certain ongoing projects during the current financial year and expect to maintain the overall income growth momentum. He further added that this is a compliance requirement which will not have any major impact on the overall business dynamics of the company. More importantly, the overall market scenario is looking better with demand picking up across the entire product portfolio of the company. This is despite a slight increase in the interest rates on home loans due to increase in repo rate by RBI. The company is targeting to launch new projects during the year which will further strengthen operational performance".
Shares of Arvind SmartSpaces Ltd was last trading in BSE at Rs.175.4 as compared to the previous close of Rs. 174. The total number of shares traded during the day was 250 in over 16 trades.
The stock hit an intraday high of Rs. 175.5 and intraday low of 173. The net turnover during the day was Rs. 43628.