The Business Bytes
TBB BUREAU
MUMBAI, JULY 31
Sunteck Realty Ltd has reported a consolidated net profit of Rs 3.02 crore for the quarter ended June 2021.
The Mumbai-based developer had posted a net loss of Rs 3.08 crore in the year-ago period.
Total income rose to Rs 96.11 crore in the first quarter of this fiscal year from Rs 63.20 crore in the corresponding period of the previous year, according to a regulatory filing.
Its sales bookings grew by 74 per cent to Rs 176 crore in the April-June quarter from Rs 101 crore in the year-ago period.
Commenting on the Q1FY22 operational performance, Sunteck Realty Ltd. Chairman and Managing Director Kamal Khetan said: “In this transformational environment, we remain focused on execution of our existing portfolio – reflected in construction and collection progress of our various projects. We continue to maintain our balance sheet strength, complimented by prudent cash flow management.
Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in 3 new project acquisitions for us at Vasai, Vasind and Borivali in MMR. Going forward, we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing 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.”
Sunteck Realty focuses on a city centric development portfolio of about 38 million square feet spread across 19 projects.
Sunteck Realty has differentiated its projects under five brands – ‘Signature’: Uber luxury residences, ‘Signia’: Ultra luxury residences, ‘Sunteck City’: Premium luxury residences, ‘Sunteck World’: Aspirational luxury residences, ‘Sunteck’: Commercial & Retail developments. The company has been a trendsetter in creating iconic destinations such as the flagship project, Signature Island at Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and Sunteck World at Naigaon – the largest township of MMR’s western Suburbs.
