Real estate developer Arvind Smartspaces' Managing Director and Chief Executive Officer Kamal Singal expressed hope that the company will close the current financial year with fresh inventory launches totaling Rs 2,500 crore.
In the first two quarters, the company had launched inventory worth Rs 900 crore. In the remaining quarters of the current fiscal, it is expected to be higher, Singhal told NDTV Profit.
“In the first two quarters, we launched Rs 900 crore worth of inventory. In the remaining portion for the year, it is supposed to be heavier than that. For the year as a whole, we are hoping that we should be able to launch a total of Rs 2,500 crore of fresh inventory,” he said.
The company generated more than Rs 200 crore as operating cash flow for the September quarter.
“Internal accruals are strong and we just discussed that Rs 200 crore has been generated already and balance six months are still left... We should be able to raise debt to the range of Rs 300 crore to Rs 400 crore from here onwards. As we speak today, the balance sheet has a positive surplus,” the top executive noted.
All this put together will help the real estate company invest at least Rs 1,000 crore in the next two quarters, Singal said.
“All in all, these things kept together, we should be able to invest around Rs 1,000 crore to Rs 1,200 crore in the next couple of quarters and that is what the target has been. So, there is a fairly good headroom for investments and we are working on it,” he explained.
Arvind Smartspaces Ltd., in its Q2 results, reported a 26% year-on-year growth in its bookings to Rs 464 crore from Rs 369 crore last year. Revenue grew by 265% YoY to Rs 266 crore in the September quarter from Rs 73 crore a year ago.
Shares of Arvind Smartspaces Ltd. closed 3.11% higher at Rs 867 apiece on the NSE on Tuesday. In comparison, the benchmark Nifty 50 closed 0.52% higher at 24,466.85.
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