Arihant Superstructures, an affordable housing focused real estate company has reported that its net profit jumped 95 per cent to ₹13 crore (₹7 crore) on reduction in inventory.
Income during the quarter was up 98 per cent at ₹124 crore (₹63 crore) with the Ebitda increasing 35 per cent at ₹21 crore (₹15 crore).
The company recovered from pandemic-affected loss of earlier quarters and sold 1,097 units last fiscal with strong demand in the March quarter.
Net profit in the last fiscal was up 43 per cent at ₹16 crore while income increased 14 per cent to ₹272 crore. Borrowings fell by ₹91 crore to ₹296 crore, the lowest-ever level in recent years.
The company generated one of its highest-ever yearly operational cash flow of about ₹121 crore, up from ₹25 crore in the previous year
Ashok Chhajer, Chairman and Managing Director, Arihant Superstructures said the company was well prepared for a strong revival in the affordable housing segment with ready-to-move-in inventory and projects in various stages of completion across micro markets in Mumbai MMR and Jodhpur. With Work From Home here to stay, a home buyer has become discerning and is willing to travel that extra mile to buy a home which suits the post pandemic new normal, he said.
Shares of the company was up two per cent at ₹92 on Monday.