Q1 operational update: Sunteck Realty sees disruption in booking momentum due to COVID-19

Mumbai-based Sunteck Realty Ltd saw some disruption in its sales momentum in June quarter due to the second wave of COVID-19. In its operational update, the real estate developer said that it witnessed pre-sales of Rs 176 crore in Q1FY22, down by 53 per cent on a sequential basis. On a year-on-year (YoY) basis, given the low base pre-sales, volumes increased by 74 per cent.  

Similarly, the collections grew by 165 per cent to Rs 172 crore on a YoY basis while the company’s collection efficiency improved to 98 per cent pre-sales in Q1 versus 64 per cent YoY.  

The company has ramped up its mid-income and affordable housing portfolio. It has acquired three new project acquisitions under the asset-light strategy, totalling 8 million sq. ft at Vasai, Vasind & Borivali in Mumbai Metropolitan Region (MMR) in FY 2020-21.   

On Wednesday, the stock of Sunteck Realty closed at Rs 358.65, down marginally by 0.01 per cent or 0.05 per share as against a 0.25 per cent gain in the benchmark index. The 52-week high and the 52-week low of the scrip were recorded at Rs 393.95 and Rs 164.40, respectively on BSE.