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Sunteck Realty gains after Q4 collections spurt 27% QoQ

Capital Market 

Sunteck Realty rose 1.67% to Rs 279.80 after the real estate company's total collections jumped 27.38% to Rs 321 crore in Q4 FY21 as against Rs 252 crore in Q3 FY21.

Pre-sales rose 6.30% to Rs 371 crore in Q4 FY21 as compared to Rs 349 crore in Q3 FY21. The company said it witnessed strong pre-sales and highest-ever collections during the quarter.

The company said that strong cash flows during the quarter resulted in further reduction of negligible debt. Its average cost of borrowing further reduced during the quarter.

Commenting on the Q4 and FY21 operational performance, Kamal Khetan, the chairman and managing director (MD) of Sunteck Realty, has said that: "Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in 3 new project acquisitions for us at Vasai, Vasind and Borivali in MMR. Going forward, we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall market share."

"During FY21, we have achieved strong pre-sales and highest-ever collections. A key to our strong operational performance is being a dominant developer in each of the micro-markets and housing segments we are operating. Additionally, the focus on our core strength of sales & marketing and in- house construction capabilities will enable us to sustain this strong pre-sales and collections trend going forward," he added.

The real estate developer's consolidated net profit skid 34.2% to Rs 22.15 crore on 3.3% increase in net sales at Rs 204.65 crore in Q3 December 2020 over Q3 December 2019.

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 22 2021. 10:06 IST