Sunteck Realty Q2 results: Co posts net profit at Rs 15 crore, up 35% on year

MUMBAI: Realty developer Sunteck Realty has reported a 35 per cent year-on-year and 404 per cent sequential jump in its consolidated net profit at Rs 15 crore for the quarter ended September. Revenue for the quarter stood at Rs 136 crore, down 7 per cent on-year and up 47 per cent sequentially.

Pre-sales for the quarter rose 54 per cent on quarter and 36 per cent on year to Rs 272 crore, while collections stood at Rs 207 crore, up 20 per cent and 47 per cent on quarter and on year, respectively.

“Aggressive sales strategy and strong brand recall have led to success across our various sub-brands and pricing spectrum, enabling us to grow our pre-sales in a strong manner. In addition, we have been focused on augmenting our construction execution across board, which has further complemented our sales momentum as well as collections growth,” said Kamal Khetan, Chairman and Managing Director, Sunteck Realty

According to him, market consolidation in favor of quality and well-funded real estate companies has been an ongoing trend and Sunteck has been a key beneficiary of this, continuously expanding its business portfolio with attractive return opportunities.

The company, since the outbreak of the first wave of Covid19 in 2020, has been the largest acquirer of highly value-accretive projects in the Mumbai Metropolitan Region (MMR) and the trend it sustains even today, he said.

The developer has added around 23 million sq ft across five projects in Vasai, Vasind, Borivali, Kalyan and Pen during this period.

Going forward, Sunteck expects to leverage its brand franchise and management expertise to evaluate new growth opportunities and thereby continue to increase its overall market share.