Sunteck Realty Q3 net profit rises 59% QoQ, revenue up 43%

Sunteck Realty Q3 net profit rises 59% QoQ, revenue up 43%

MUMBAI: Realty developer has reported 59% sequential growth in net profit at Rs 22 crore for the quarter ended December with 43% rise in revenue at Rs 205 crore.

The company’s pre-sales grew 75% to Rs 349 crore, while collections increased 79% to Rs 252 crore. The operating profit for the quarter rose 44% to Rs 45 crore, the company said in a regulatory filing.

“Our continued focus on prudent cash flow management has enabled us to generate strong operating cash flows which has aided in the further reduction of our already negligible debt. We intend to maintain this discipline going forward and focus on financial flexibility to grow our business,” said Kamal Khetan, Chairman and Managing Director, Sunteck Realty.

During the quarter, the company has reduced its debt with the help of strong operating cash flows of Rs 53 crore. The company has witnessed high buyer interest witnessed in both completed and newly launched projects.

With a strong uptick on sales front across portfolio of projects, especially in the mid-income and aspirational segments, the company remains confident of emerging as one of the biggest beneficiaries of the ongoing consolidation in the industry basis its balance sheet strength, established track record and operational cash flow visibility.

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