Sunteck Realty Limited announces Operational Update for Q2 FY22

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Mumbai : Sunteck Realty Limited, Mumbai’s luxury real estate developer, announced its Q2 FY22 financial results.

         Rs cr
Operational Data Q2 FY22 Q1 FY22 QoQ % Q2 FY21 YoY %
Pre-sales 272 176 55% 200 36%
Collections 207 172 20% 141 47%

 

In the second quarter of FY2022, the company has continued its robust operational momentum achieved in the first quarter of FY2022. Both pre-sales and collections witnessed sturdy growth along with high collections efficiency. The company’s focus on execution of its existing portfolio complemented by strong in-house development capabilities has been an enabler in maintaining the sustained growth in cash flows. With projects across the pricing spectrum in MMR, the company is confident to maintain the sturdy growth in pre-sales driven by new launches as well as ready-to-move-in inventory.

In the second quarter of FY2022, the company also announced a value –accretive joint development plan with Amar Dye Chem Ltd. at Shahad (Kalyan). The 50-acre project with a potential development of approx.10 mn sq ft, is expected to generate a top line of around Rs 9,000 crore over the next 7-8 years. This will further strengthen the cash flow and the balance sheet of the company.

Sunteck has been a key beneficiary of the market consolidation in the residential sector, allowing it to expand its business portfolio at attractive return opportunities. In the last 18 months, Sunteck has done 4 project acquisitions at Vasai, Vasind, Borivali and Shahad (Kalyan) adding approx.18 million square to its project portfolio. Going forward, the company expect to leverage its brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing overall market share.

-Odisha Age