Pre-sales grows by 55% qoq & 36% yoy to Rs 272 cr
Collections grows by 20% qoq & 47% yoy to Rs 207 cr
Collection efficiency stood strong at 85% of Pre-sales in H1 FY22 as against 68% in H1 FY21
Mumbai, October 11, 2021: Sunteck Realty Limited, Mumbai’s luxury real estate developer, announced its Q2 FY22 financial results.
Operational Data Q2 FY22 Q1 FY22 QoQ % Q2 FY21 YoY %
Pre-sales 272 176 55% 200 36%
Collections 207 172 20% 141 47%
In the second quarter of FY2022, 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. 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.
In the second quarter of FY2022, 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.
About Sunteck Realty
Sunteck Realty Limited (SRL) is one of the fastest growing Mumbai-based luxury real estate development companies. SRL has an immaculate track record of having one of the lowest net Debt/Equity ratios, financial prudency and sustainable growth. The company 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 SunteckWorld at Naigaon - the largest township of MMR’s western Suburbs.
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Sunteck Realty Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.