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Arvind Group's real estate arm—Arvind Smartspaces Ltd— has reported a 33 per cent jump in its standalone net profit for the quarter ended March 31, 2018, at ₹22.40 crore against ₹16.77 crore in the same quarter the previous year. The company's standalone revenue stood at ₹73.10 crore (₹32.21 crore).
For the financial year 2017-18, standalone net profit was ₹29.78 crore against ₹20.58 crore in the previous year, showing a remarkable growth of 44.7 per cent. Standalone revenue for the year increased to ₹142.16 crore (₹94.84 crore)..
Consolidated results
On a consolidated basis, the company reported a net profit of ₹17 crore for the quarter ended March 2018, down by 8.9 per cent against ₹18.67 crore reported in the same quarter a year ago.
Revenues were at ₹108 crore (₹99.57 crore).
The consolidated net profit for 2017-18 stood at ₹31.44 crore (₹21.65 crore), a growth of 45 per cent.
Consolidated revenues stood at ₹202.2 crore (₹158.7 crore).
The consolidated EBITDA for the full fiscal was ₹65 crore (₹45 crore).
Kamal Singal, Managing Director and CEO, Arvind SmartSpaces, said, "We have already delivered six projects of around 2.3 million sq ft and have another eight projects totalling to 8 million sq ft under various stages of development to be completed over the next 3-4 years."
Shares of Arvind SmartSpaces rose 7 per cent in intra-day trade to hit a high of ₹214 on the BSE. At about 2.35 pm, the stock was off its morning highs at Rs 201.35, up 0.68 per cent or ₹1.35.
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