This S&P BSE 500 Stock Jumped 2.5% on Monday within the first hour of markets opening after an announcement regarding its Q2 Business Performance. The company has a market cap of Rs. 7000 crore and is 2% away from its 52 week high, trading at Rs. 478.90 versus Rs. 474.25 at previous close.
The company’s shareholding has a high concentration of FII holding at 17%. It also has a sizable DII holding of 7%.
In a filing dated 14th October 2023, Sunteck Realty Ltd (“Sunteck”), a Mumbai-based premium luxury real estate developer has announced its operational & business updates for the quarter and half year ending 30th September 2023.
In the first half of FY24, Sunteck saw pre-sales increase by 16.7% YoY to Rs 782 crore. The first-half revenue was strong, coming in at Rs 502 crore. Pre-sales for the business increased by 17.2% YoY to Rs 395 crore in Q2 FY24. At Rs 214 crore, collections remained strong.
Additionally, Sunteck and the IFC (International Finance Corporation) have partnered up to establish a joint platform with a potential investment of up to Rs 750 crore in order to support the construction of close to 12,000 high-quality housing units across four to six green housing projects in the Mumbai Metropolitan Region (MMR).
Sunteck has a strong focus on this population segment, so the partnership will be centered on the development of large-scale housing projects to serve this demographic.
Further, Sunteck Beach Residences in Vasai West and Sunteck Sky Park in Mira Road were successfully launched by the company. Customers’ reactions to both projects have been reportedly “overwhelmingly positive”, which demonstrated high demand for the company’s offerings. .
After these launches, Sunteck now has five sizable ongoing projects that will serve as growth engines and continue to produce strong cash flows and profit margins: Signature & Signia at BKC, Sunteck City at ODC, Goregaon West, Sunteck World at Naigaon, SBR at Vasai West, and Sunteck Sky Park at Mira Road.
The company has two more major projects in the works, one in South Mumbai at Nepean Sea Road and the other in the eastern suburb of Kalyan. With a combined GDV of approximately Rs. 30,000 crore (US$ 3.7 bn), these 7 growth engines will continue to produce strong operating cash flow surplus.
Lastly, Sunteck has achieved a score of 95 in GRESB (Global Real Estate Sustainability Benchmark) Assessment, with a prestigious 5-star rating. The company received 3rd rank in the Asia-pacific Diversified Office/ Residential Peer comparison.
In FY23, the company’s revenue de-grew 44% YoY from Rs. 219 crore to Rs. 122 crore. Net profits during the same period de-grew 107% YoY from Rs. 13 crore to a Net Loss of Rs. 12 crore.
Written by Sandeep R
