Comments
Real estate arm of the Lalbhai Group, Arvind SmartSpaces Ltd, posted a standalone net profit of Rs 4.77 crore for the June quarter on total standalone revenues of Rs 34 crore. Last year in the same quarter, the company had posted a net profit of Rs 1.47 crore on total standalone revenues of Rs 19 crore.
On a consolidated basis, the company's net profit stood at Rs 1.13 crore on total revenues of Rs 28 crore. The consolidated net profit for the quarter last year was Rs 4.9 crore on total revenues of Rs 30 crore.
In a statement filed today, the company said it had adopted IND AS 115 in the first quarter of fiscal 2019, effective from April 1, 2018 and has opted for the modified retrospective approach.
As part of this adoption, the company has done a transitional adjustment of Rs 77.47 crore (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, the numbers for the first quarter of fiscal 2019 are not comparable with the previous reporting periods, it stated.
Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, "We have delivered seven projects of around 2.8 million sq. ft. and have another seven projects totalling 7 million sq. ft. under various stages of development, which are expected to be completed over the next three-four years."
The company shares closed at Rs 165 on the NSE, down 5 per cent from the previous close.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.