Arvind SmartSpaces posts net profit of Rs 2 crore in Q2 FY19
Arvind group’s realty firm Arvind SmartSpaces Ltd Friday reported a consolidated profit of Rs 2 crore for the quarter ended September. Its profit stood at Rs 5 crore in the year-ago period, the Ahmedabad-based company said in a statement.
Revenue stood at Rs 45 crore for the second quarter of this fiscal as against Rs 32 crore during the same period of the last financial year.
The company has adopted IND AS 115 with effect from April 1, 2018 and has opted for the modified retrospective approach. The financials of the prior reporting periods have not been restated and hence, Q2 FY19 numbers are not comparable with previous reporting periods, it said.
Kamal Singal, the company’s MD and CEO, said: “Arvind SmartSpaces continues to maintain its performance, quarter on quarter basis since last 4 years of its listing and expects to maintain the growth momentum.”
The company has already delivered seven projects of around 2.8 million sq ft and has another seven projects totalling 7 million sq ft under various stages of development which would be completed over the next 3-4 years.
“We have recently added two new projects (one each at Bangalore & Pune) and are continuously looking at further strengthening of our project pipeline during the remaining months of the current financial year,” he said.
Arvind SmartSpaces has real estate projects across Ahmedabad, Gandhinagar, Bengaluru and Pune.