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Real-estate firm Arvind SmartSpaces Ltd recorded a consolidated net profit of INR 14.17 crore for the quarter ended September, marking a 65 % decline compared with about INR 40.68 crore in the same period last year. Its total income fell to INR 144.03 crore from INR 269.28 crore over the year-ago quarter. Meanwhile, the board elevated Kulin Lalbhai to Chairman, with his father Sanjay Lalbhai stepping down from the board. Established in 2008 and headquartered in Ahmedabad, Arvind SmartSpaces has around 108 million sq ft of real-estate development across India.
The real-estate developer Arvind SmartSpaces has reported a significant decline in its financial performance for the quarter ended in September. The company's consolidated net profit came in at INR 14.17 crore, compared with INR 40.68 crore in the same quarter a year earlier. Total income dropped to INR 144.03 crore, down from INR 269.28 crore a year ago. Advertisement
The company also announced a leadership change: the board elevated Kulin Lalbhai, who was serving as Vice-Chairman, to Chairman. At the same time, Sanjay Lalbhai stepped down from the Board of Directors. The change was effective from November 3.
Arvind SmartSpaces, founded in 2008 and headquartered in Ahmedabad, is a major real-estate developer in India. It has about 108 million square feet of development across the country.
The sharp drop in income and profit reflects the challenging market conditions for developers. Lower sales or slower project hand-overs can hamper revenue recognition, which appears to be the case here. In the previous year, the company had stronger income and profit figures, and some of that base effect may have amplified the decline.
Despite the lower income, the company's reputation as a large-scale developer remains intact given its long history and large portfolio. The governance move to elevate the younger Lalbhai to the chairman role may be seen as part of its succession planning and a step toward fresh leadership in a tougher environment.
For investors and market watchers, the fall in profit and income brings into focus whether Arvind SmartSpaces can reverse the trend through stronger project completions, improved sales momentum and cost control. The business remains capital-intensive and sensitive to timing of project hand-overs, which means quarterly results can be volatile.
Source PTI
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