Sunteck Realty shares surge following increase in bookings and sales in June

Sunteck Realty shares surge following increase in bookings and sales in June

New Delhi (Anish Yande): Sunteck Realty shares rose by 5 per cent as the firm posted increase bookings and sales in the June 2021 quarter. Shares of the real estate firm opened at Rs 363 per share on Monday. The shares of Sunteck Realty rose to an intraday high of Rs 379, increasing 2% as compared to the previous close of Rs 349. The market cap of Sunteck Realty rose to 5,249 crores.

Sunteck Realty bookings and sales increase in Q1:

Sunteck Realty recorded a consolidated net loss of Rs 13 crore in the June quarter of FY21. The real estate company’s net profit rose to Rs 10.41 crore in the fourth quarter ended June 2021.

Net sales of Sunteck Realty increased to Rs 191.09 crore in Q1 FY22 as compared to the June quarter of FY21.  The net sales of the real estate firm increased by 119.9% on a year on year basis.

The pre-sales of Sunteck Realty rose to Rs 176 crore in the quarter ended June 2021, at an increase of 74 per cent. The pre-sales of Sunteck Realty was at Rs 101 crore in the corresponding period of the previous fiscal.

Sunteck Realty’ collections surge in Q1FY22:

For the full fiscal year, the pre-sales are recorded at Rs 1,022 crore. The increase in bookings affected by earnings from its mid-income and affordable housing projects.

Sunteck Realty’ collections for Q1FY22 rose to Rs 172 crore, at an increase of 165 per cent. For the fiscal year 2021, collections are at Rs 780 crore. Collection efficiency of Sunteck Realty was at 98% of pre-sales in Q1 FY22 as against 64% in June quarter of FY21.

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Sunteck Realty is a leading luxury real estate development firm. The Mumbai-based firm has a development portfolio consisting of about 40 million square feet spread across 28 projects. The real estate development firm’s project in Oshiwara sold properties up to Rs 76 crore and the project in Naigaon sold Rs 65 crore.

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