Sunteck Realty gains on robust Q3 FY22 business update

Sunteck Realty rose 1.96% to Rs 522.15 after the company's pre-sales jumped 23% Y-o-Y (year-on-year) while collections grew 41% Y-o-Y in Q3 December 2021 over Q3 December 2020.

Pre-sales grew 23% to Rs 352 crore in Q3 December 2021 as against Q3 December 2020. For 9M FY22, pre-sales stood at Rs 800 crore. Collections soared 41% to Rs 270 crore in Q3 FY22 as compared to Q3 FY21. For 9M FY22, collections was at Rs 649 crore.

Collection efficiency stood at 81% in 9M FY22 as against 71% in 9M FY21. In the last 18 months, Sunteck Realty acquired 23 million sq ft of development potential across five projects at Vasai West, Vasind, Borivali West, Kalyan (Shahad) and Pen-Khopoli (in Mumbai, Maharashtra), totaling to an estimated Gross Development Value (GDV) of Rs 20,000 crore.

Sunteck Realty's consolidated net profit jumped 35% to Rs 15.26 crore on a 7% decline in net sales to Rs 136.32 crore in Q2 September 2021 over Q2 September 2020.

Sunteck Realty (SRL) is one of the fastest growing Mumbai-based luxury real estate development companies. SRL focuses on a city centric development portfolio of about 40 million square feet spread across 28 projects.

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