Arihant Superstructures has reported a 95 per cent jump in net profit for the quarter ended March at Rs 13.48 crore with 98 per cent rise in total income at Rs 124.26 crore.
The fourth quarter performance led to a 43 per cent rise in net profit for the year ended March at Rs 15.74 crore with 14 per cent rise in total income at Rs 272.31 crore, the company said in a regulatory filing.
During the year, the developer sold a total 1,097 apartments led by strong demand conversion witnessed in the fourth quarter ended March.
“The beginning of the financial year was fraught with fear as the first wave of Covid-19 pandemic spread but thankfully we ended the year with a lot of confidence. We were well-prepared for a strong revival in the affordable housing segment with ready-to-move-in inventory as well as projects in various stages of construction across micro markets in Mumbai MMR and Jodhpur. This helped us in catering to varied customer requirements and we are glad to announce that Q4FY21 was the best for Arihant Superstructures till date with highest revenues and net profits,” said Ashok Chhajer, Chairman and Managing Director, Arihant Superstructures.
According to him, with the Work-From-Home model seemingly here to stay, homebuyers are also willing to travel extra-mile to buy a home which suits the post pandemic new normal scenario.
The company generated one of its highest-ever yearly operational cash flow of Rs 120.52 crore as against Rs 25.41 crore in the previous year. Operating profit for the year rose 5 per cent to Rs 50.16 crore.
During the year, the developer’s borrowings reduced by Rs 91.17 crore, its lowest-ever level in recent years to Rs 295.52 crore.