Sunteck reported a strong operational performance wherein its pre‐sales for Q2FY23 were at ~Rs 337 crore, up 24% YoY and flattish QoQ. Similarly, collections improved to Rs 331 crore in Q2FY23, up 60% YoY. Additionally, collections efficiency for H1FY23 was at 92%, up from 81% in FY22.
In terms of business development, the company acquired a posh land parcel of ~7.25 acres at Beverly Park, Mira Road under the JDA model. The project is estimated to have development potential of ~2.5mn sq ft built-up area with revenue potential of ~Rs 3,000 crore. While business development and sales momentum is healthy, key trigger for rerating will be cash flow generation.
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