New Delhi [India], June 1 (ANI/SRV Media): Arvind SmartSpaces Ltd, has reported the highest ever quarterly fresh sales of Rs 207 Cr for Q4’21 which translates to 39 per cent year-on-year growth.

The company’s annual fresh sales crossed the Rs 500 Cr mark for FY’21, the highest ever since inception which stood at Rs. 529 Cr, 85 per cent growth from Rs 286 Cr in FY’20.

The effective working capital debt reduced by 44 per cent, from Rs. 217 Cr as on Mar’20 to Rs. 122 Cr as on Mar’21.

The revenue from operations for FY’21 stood at Rs 149 Cr vs Rs 299 Cr last year, down 50 per cent year-on-year as no new project was delivered during the year which affected the revenue recognition in the books of accounts.

The unrecognised revenue increased by Rs 285 Cr from Rs. 477 Cr as on Mar’20 to Rs 762 Cr as on Mar’21.

“The company has bounced back very strongly after the first wave of COVID-19 and recorded highest ever performance parameters like Fresh Sales, Collections and Unrecognised Sales. We expect that the momentum will continue in near future too. We believe that despite several macro-economic and post Covid challenges, Arvind Smartspaces is well positioned to take advantage of available opportunities and in turn deliver value to its customers and stakeholders” said Kamal Singal, MD & CEO, Arvind SmartSpaces.

Arvind SmartSpaces is the real estate arm of the USD 2bn Lalbhai Group and has presence in Ahmedabad, Gandhinagar, Bangalore and Pune with more than 14 million sq.ft of area under development.

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