Realty developer Arvind SmartSpaces has reported its highest-ever sales at Rs 1,107 crore in 2023-24, up 38% from a year ago. The company’s annual collection also rose 46% to Rs 876 crore.

The developer’s net profit for the year increased 62% to Rs 41.6 crore, while revenue from operations grew 33% to Rs 341 crore. During the year, the company acquired new projects with a topline potential of Rs 4,150 crore.

“FY24 marked an orbital change in our Business Development efforts, and we acquired new projects with an expected topline of ~Rs. 4,150 Cr as against Rs. 930 Cr in FY23. We have added four new projects in Ahmedabad, and one each in Bengaluru and Surat. We look forward to sustaining this momentum in the coming year as well,” said Kamal Singal, Managing Director and CEO, Arvind SmartSpaces.

According to him, with an all-time low inventory level and a decadal high average pricing growth, demand optimism in the residential markets is likely to continue in the medium term. The company is set to further deepen its presence in Gujarat, Bengaluru, and Maharashtra.

During the quarter ended March, the company has reported 32% on-year rise in bookings at Rs 323 crore and 14% growth in collections at Rs 215 crore. Net profit for the quarter increased 67% to Rs 15.5 crore and revenue from operations grew 27% to Rs 117 crore.