AgenciesRelated
ICICI Securities has buy call on Sunteck Realty with a target price of Rs 590. The current market price of Sunteck Realty is Rs 452.4. Time period given by analyst is one year when Sunteck Realty Ltd. price can reach defined target.
Sunteck Realty Ltd., incorporated in the year 1981, is a Mid Cap company (having a market cap of Rs 6658.35 Crore) operating in Real Estate sector.
Sunteck Realty Ltd. key Products/Revenue Segments include Income from Sale of Commercial Flats, Shops & Plots, Sale of services, Other Operating Revenue, Rent and Project Management Fees for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 164.24 Crore, up 24.95 % from last quarter Total Income of Rs 131.45 Crore and down -15.63 % from last year same quarter Total Income of Rs 194.67 Crore. Company reported net profit after tax of Rs -9.76 Crore in latest quarter.
Investment Rationale
Sunteck Realty (SRIN) clocked healthy Q4FY22 sales bookings of Rs5.0bn (up 43% QoQ) driven by a pickup in BKC luxury project sales of Rs1.6bn while continued momentum in ODC, Goregaon (Rs1.0bn) and Naigaon (Rs2.2bn including new Phase 3) also contributed to sales. In FY22, the company has clocked Rs13.0bn of sales bookings (up 27% YoY) and collections of Rs10.5bn (up 35% YoY). The company has given a formal guidance of Rs18.0bn of FY23 sales bookings which is expected to be driven by 3.35msf of new launches including the Vasai project and new phases in ODC, Goregaon and Naigaon. The company continues to pursue new land acquisitions primarily through the asset-light JDA model. It maintains BUY rating on SRIN with an unchanged target price of Rs590/share based on 1x FY22 NAV. Key risks to call are slowdown in the Mumbai property market volumes and fall in residential/commercial prices.
Promoter/FII Holdings
Promoters held 67.13 per cent stake in the company as of 31-Mar-2022, while FIIs owned 20.66 per cent, DIIs 4.74 per cent.
Sunteck Realty Ltd., incorporated in the year 1981, is a Mid Cap company (having a market cap of Rs 6658.35 Crore) operating in Real Estate sector.
Sunteck Realty Ltd. key Products/Revenue Segments include Income from Sale of Commercial Flats, Shops & Plots, Sale of services, Other Operating Revenue, Rent and Project Management Fees for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 164.24 Crore, up 24.95 % from last quarter Total Income of Rs 131.45 Crore and down -15.63 % from last year same quarter Total Income of Rs 194.67 Crore. Company reported net profit after tax of Rs -9.76 Crore in latest quarter.
Investment Rationale
Sunteck Realty (SRIN) clocked healthy Q4FY22 sales bookings of Rs5.0bn (up 43% QoQ) driven by a pickup in BKC luxury project sales of Rs1.6bn while continued momentum in ODC, Goregaon (Rs1.0bn) and Naigaon (Rs2.2bn including new Phase 3) also contributed to sales. In FY22, the company has clocked Rs13.0bn of sales bookings (up 27% YoY) and collections of Rs10.5bn (up 35% YoY). The company has given a formal guidance of Rs18.0bn of FY23 sales bookings which is expected to be driven by 3.35msf of new launches including the Vasai project and new phases in ODC, Goregaon and Naigaon. The company continues to pursue new land acquisitions primarily through the asset-light JDA model. It maintains BUY rating on SRIN with an unchanged target price of Rs590/share based on 1x FY22 NAV. Key risks to call are slowdown in the Mumbai property market volumes and fall in residential/commercial prices.
Promoter/FII Holdings
Promoters held 67.13 per cent stake in the company as of 31-Mar-2022, while FIIs owned 20.66 per cent, DIIs 4.74 per cent.
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