Sunteck Realty Limited, Mumbai’s premium real estate developer, announced its results today for the third quarter and nine-months ended FY21.
• Pre-sales grew by 75% q-o-q to Rs.349 crores, Collections grow 79% q-o-q to Rs.252 crores
• Revenue up by 43% q-o-q, EBITDA up by 44% q-o-q
• Reduction of debt driven by strong operating cash flows of Rs.53 crores
• High buyer interest witnessed in both completed and newly launched projects
Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said “Our superior product offering across the pricing spectrum, solid execution and strong customer focus has enabled us to create a resilient brand franchise in the overall market. The same is also visible in our pre-sales and collections momentum which has been growing at a strong pace sequentially as well as pre-sales surpassing last financial year figures in the first nine months.
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.
The availability of inventory across our brands and pricing spectrum creates flexibility to offer projects based on needs of various customer segments. We believe, home buyers will continue to look for credible projects of reputed and financially strong real estate developers, as the pedigree of a trusted brand drives the preference for a new home buyer.
With a strong uptick on sales front across our portfolio of projects, especially in the mid-income and aspirational segments, we remain confident of emerging as one of the biggest beneficiaries of the ongoing consolidation in the industry basis our balance sheet strength, established track record and operational cash flow visibility. ”