Mumbai-based Sunteck Realty has reported a consolidated net profit of Rs 10.4 crore for the quarter ended March 2021 on higher revenue.
The company recently released their financial results and said that total income rose to Rs 194.67 crore in the fourth quarter of FY’21 from Rs 91.17 crore in the corresponding period of the previous year.
Total income rose to Rs 630.84 crore in the last fiscal from Rs 580.20 crore in 2019-20. The company has witnessed strong pre-sales during the quarter, grew 6% Q-o-Q to Rs 371 cr in Q4 FY21.
Highest-ever pre-sales achieved in the mid-income segment driven by residential projects of Sunteck Realty at ODC, Goregaon West – a Y-o-Y growth of 77%. Collections grew by 27% Q-o-Q and 83% Y-o-Y to Rs 321 cr in Q4 FY21. Highest-ever collections achieved in a financial year in FY21 at Rs 780 cr.
Commenting on the Q4 and FY21 operational performance, Kamal Khetan, chairman and managing director at Sunteck Realty said: “Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in three new project acquisitions for us at Vasai, Vasind and Borivali in MMR. Going forward, we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall market share.”
“During FY21, we have achieved strong pre-sales and highest-ever collections. Our collection efficiency was strong at approx.76%. This led to generation of strong positive operating cash flows of Rs 286 cr leading to reduction in our already negligible debt by Rs 233 cr. We are amongst the top quartile of the industry in terms of our leverage levels,” the Sunteck Realty chairman added.
“A key to our strong operational performance is being a dominant developer in each of the micro-markets and housing segments we are operating. Additionally, the focus on our core strength of sales & marketing and in-house construction capabilities will enable us to sustain this strong pre-sales and collections trend going forward,” the company said.