Sunteck reports muted presales performanceSUNTECK - 416 Change: -19.50 (-4.48 %)
News: Sunteck Realty posted pre-sales of Rs.352 crore (up 0.9% YoY) and steady collections of Rs.270 crore (up 7.1% YoY) during Q3 FY22. Flattish sales value YoY is owing to lack of major new launch. On financial front, revenue was at Rs.128.1 crore, down 41.1% YoY on account of lower revenue recognition. EBITDA at Rs.35 crore was down 32% YoY. PAT at Rs.11 crore was down 52%.
Views: With projects across the pricing spectrum in MMR, the company is confident of strong growth in pre-sales driven by new launches and ready-to-move-in inventory. We note that growth ahead will be driven by affordable segment for the company.