Sunteck Realty today reported 35 per cent decline in its net profit at Rs 62.12 crore for the quarter ended September on higher expenditure. Its net profit stood at Rs 96.06 crore in the year ago period, the company said in a regulatory filing. Total income, however, rose to Rs 351.07 crore in the second quarter of the 2017-18 fiscal from Rs 211.68 crore in the corresponding period of the previous year. Sunteck Realty's CMD Kamal Khetan said: "The second quarter of FY2018 has seen the transition to RERA and GST regime taking shape.
We at Sunteck welcome these changes and are already seeing the customer differentiate between organised and unorganised developers." "...with the company raising fresh capital recently, we are very well placed to increase the pace of execution at our ongoing and forthcoming projects," he added. Sunteck Realty Ltd is a leading Mumbai-based real estate development company, catering to luxury residential segment. It focuses on a city centric development portfolio of about 23 million sq ft spread across 25 projects.
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