Sunteck Realty surged 6.44% to Rs 371.05 after the company's pre-sales jumped 74% Y-o-Y (year-on-year) while collections grew 165% Y-o-Y in Q1 June 2021.
Pre-sales grew 74% to Rs 176 crore in Q1 June 2021 as against Rs 101 crore in Q1 June 2020. For the full FY2021, pre-sales stood at Rs 1,022 crore.
Collections soared 165% to Rs 172 crore in Q1 FY22 as against Rs 65 crore in Q1 FY21. For the full FY2021, collections was at Rs 780 crore.
Collection efficiency stood at 98% of pre-sales in Q1 FY22 as against 64% in Q1 FY21.
Commenting on the Q1 FY22 operational performance, Kamal Khetan, the chairman and managing director (MD) of Sunteck Realty, has said that: "In the quarter gone by, we continued our strong momentum in operational performance. Both pre-sales and collections witnessed sturdy growth along with high collections efficiency. The industry consolidation is leading to rise in the share of business for organized developers and Sunteck will be one of the biggest beneficiaries of this trend. Going forward, we expect to leverage our brand franchise and management expertise to evaluate new growth opportunities and thereby continue to increase our overall market share."
"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."
On a consolidated basis, Sunteck Realty reported a net profit of Rs 3.03 crore in Q1 June 2021 as compared to a net loss of Rs 3.08 crore in Q1 June 2020. Net sales jumped 68.7% to Rs 92.74 crore in Q1 FY22 over Rs 54.97 crore in Q1 FY21.
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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