The developer’s operating profit for the quarter rose 32 per cent to Rs 21 crore, while collections also grew 165 per cent to Rs 172 crore. Bookings for the period increased 74 per cent to Rs 176 crore.
“In this transformational environment, we remain focused on the execution of our existing portfolio – reflected in construction and collection progress of our various projects. We continue to maintain our balance sheet strength, complimented by prudent cash flow management,” said Kamal Khetan, Chairman and Managing Director, Sunteck Realty.
According to him, the real estate industry is witnessing strong consolidation and the company is one of the key beneficiaries of this trend as it has already resulted in 3 new project acquisitions by the developer at Vasai, Vasind and Borivali in Mumbai region.
Going forward, the company expects to leverage its brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increase its overall market share.
During the quarter, Sunteck has generated a gross operating surplus cash flow of Rs 32 crore that has helped the company sustain a low net debt-equity ratio.
