Sunteck Realty gained 1.22% to Rs 202.60 after the realty firm said its pre-sales jumped 110% to Rs 608 crore in Q4 March 2020 from Rs 289 crore in Q4 March 2019.
On quarter on quarter basis, pre-sales soared 87% in Q4 March 2020 from Rs 325 crore posted in Q3 December 2019. The announcement was made before market hours today, 15 April 2020.Collections declined 15% to Rs 175 crore in Q4 March 2020 from Rs 207 crore in Q4 March 2019. On quarter on quarter basis, collections grew at 6% in Q4 March 2020 from Rs 166 crore posted in Q3 December 2019.
The company said it sustained strong sales momentum across various brands, enhanced by the new project launches of 4th Avenue SunteckCity, Oshiwara District Centre (ODC), Goregaon (W) and Sunteck MaxXWorld, Naigaon during the financial year, 2019-20. A significant progress in construction work across projects along with strong pre-sales has led to major ramp up in collections, the company added.
Commenting on the same, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said, The Indian economy is facing extraordinary challenges with the ongoing COVID-19 pandemic. While it's still early to ascertain the impact on the real estate industry, I believe that Sunteck with its strong brand franchise and presence across the pricing spectrum, from uber-luxury to affordable segment, is well positioned to tackle challenges ahead. Given our strong balance sheet and low debt levels, complemented by healthy pre-sales in H2FY20, we intend to maintain our operational momentum with a continued focus on execution and monetization strategies for our ready-to-move-in inventory. In this tough environment, we remain absolutely committed to the wellbeing of our construction workers as well as employees.
Sunteck Realty (SRL) is a Mumbai-based luxury real estate development companies. It focuses on a city centric development portfolio of about 31 million square feet spread across 26 projects.
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