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Arihant Superstructures Q1 results: Realty developer swings back to profit; total income zooms 745%

MUMBAI: Listed realty developer has reported net profit of Rs 8.28 crore for the quarter ended June as against net loss of Rs 7.04 crore a year ago. Total income for the quarter rose 745% on-year to Rs 84.66 crore.

The developer with its focus on the affordable housing in Navi Mumbai, Mumbai Metropolitan Region (MMR) and the Jodhpur region sold 368 apartments during the quarter, the company said in a regulatory filing.

“First wave of COVID has taught us important lessons that have helped us navigate the second wave of COVID unscathed. As a result, we have achieved one of the best Q1 performance in our history in terms of sales and profitability. Our new launches have also helped us in achieving better overall performance,” said Ashok Chhajer, CMD, Arihant Superstructures.

During the quarter, Arihant Superstructures acquired two 1-acre land parcels at Taloja in Navi Mumbai and Badalapur each.

The company is looking at expanding the business portfolio to 20 million sq ft from the current 10 million sq ft in the next 12 months, he said. It is working on a total 3 project launches in the ongoing quarter and RERA approvals for the same have already been secured.

The company’s operating profit for the quarter rose 1,048% to Rs 15.38 crore with 479 basis point improvement in operating profit margin at 18.17%. Total collections stood at Rs 93.9 crore, while finance cost reduced by Rs 2.55 crore to Rs 5.35 crore. The developer sold a total 3.07 lakh sq ft area worth Rs 178.72 crore during the quarter.

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