Sunteck Realty Q3 FY15 net up over five fold to Rs 12.65-cr

Real estate firm Suntech Realty today reported over five-fold increase in net profit for the quarter ended December 31, 2014, at Rs 12.65 crore on the back of exponential growth in sales.
The Mumbai-based firm had reported a profit of Rs 2.52 crore in the corresponding quarter last fiscal.
Its total sales for the October-December 2014 quarter stood at Rs 64.56 crore against Rs 15.65 crore a year-ago, registering an over four-fold growth.
"As we follow the project completion method, the unrecognised sales are booked in this quarter. We did a sales of Rs 142 crore during the year... However, we could book only Rs 65 crore," its Chairman and Managing Director Kamal Khetan told PTI here.

The average realisation during the quarter stood at Rs 26,619 per sqft.
The company currently has unrecognised sales to the tune of Rs 2,200 crore, he said.

"Besides the unrecognised revenues of Rs 2,200 crore, we have an inventory worth Rs 5,200 crore from all the under-construction projects. We expect the total revenues of Rs 7,400 crore will be recognised over the next 8-10 quarters," he said.
Khetan said the company has completed four projects in the year so far and another two are in the advanced stages of completion.
The company recently launched another four projects including Signia High in Borivali, Signia Orion in Navi Mumbai, Sentech Centre in BKC and Signia Pride in Andheri with a total developable area of 8 lakh sqft.

"The total value of these four projects is over Rs 1,000 crore. We expect these projects to be completed over the next two years and the revenues could be recognised thereafter," he said.
The company's current debt on the books is around Rs 350 crore for 5-6 projects out of total 24 projects the company is developing, Khetan said.