The Business Bytes
TBB BUREAU
MUMBAI, OCT 11, 2021
Sunteck Realty Limited on Monday reported a 36 per cent year-on-year (YoY) rise in its sales bookings at Rs 272 crore for the quarter ended on September 30, 2021 (Q2FY22) on better housing demand. Its sales bookings stood at Rs 200 crore in the year-ago period.
In a regulatory filing, the Mumbai-based developer informed that collections from customers rose 47 per cent to Rs 207 crore in the second quarter of the current fiscal as against Rs 141 crore in the corresponding period of the previous year.
“In the second quarter of FY22, the company has continued its robust operational momentum achieved in the first quarter of FY2022. Both pre-sales and collections witnessed sturdy growth along with high collections efficiency,” Sunteck said in a statement.
“The company’s focus on execution of its existing portfolio complemented by strong in-house development capabilities has been an enabler in maintaining the sustained growth in cash flows. With projects across the pricing spectrum in MMR, the company is confident to maintain the sturdy growth in pre-sales driven by new launches as well as ready-to-move-in inventory,” it added.
In the second quarter of FY22, the company also announced a value–accretive joint development plan with Amar Dye Chem Ltd. at Shahad (Kalyan). The 50-acre project with a potential development of approx.10 mn sq ft, is expected to generate a top line of around Rs 9,000 crore over the next 7-8 years. This will further strengthen the cash flow and the balance sheet of the company.
Sunteck has been a key beneficiary of the market consolidation in the residential sector, allowing it to expand its business portfolio at attractive return opportunities. In the last 18 months, Sunteck has done 4 project acquisitions at Vasai, Vasind, Borivali and Shahad (Kalyan) adding approx.18 million square to its project portfolio. Going forward, the company expect to leverage its brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing overall market share.
