The realty developer has reported a 74 per cent year-on-year (YoY) rise in bookings at Rs 176 crore for June 2021 quarter led by the performance of its mid-income and affordable housing projects.
Shares of Sunteck Realty jumped 9 per cent to Rs 378.40 on Tuesday. However, it was trading at Rs 371.90 at 9.45 am. BSE Sensex was trading 236.2 points, or 0.45 per cent, higher at the same time. The scrip settled at Rs 348.60 on Monday.
Collections for the quarter grew 165 per cent from a year ago to Rs 172 crore, the company said in its regulatory filing. The company’s collection efficiency improved to 98 per cent of pre-sales during the quarter as against 64 per cent a year ago.
Kamal Khetan, Chairman and Managing Director, Sunteck Realty, said in the quarter gone by, the company continued strong momentum in operational performance. Pre-sales and collections witnessed sturdy growth with high collections efficiency.
“Industry consolidation is leading to a rise in the share of business for organized developers and Sunteck will be one of the biggest beneficiaries of this trend,” he added.
Sunteck Realty has almost doubled investors wealth in the last one year. The scrip has gained more than 20 per cent in the month gone by.
In the financial year 2020-21, the developer has acquired 3 new project acquisitions under the asset-light strategy totalling 8 million sq ft at Vasai, Vasind and Borivali in Mumbai Metropolitan Region (MMR).
