Sunteck Realty shares close nearly 3% higher on strong presales growth in March quarter

Sunteck Realty closed nearly 3% higher on Thursday, April 18, following decent figures in March quarter updates.

Sunteck Realty reported its operational updates for Q4FY24 and full‐year FY24 on April 16. During Q4FY24, the company saw 26% year-on-year (YoY) rise in its pre-sales compared to the same period a year ago. Sequentially, pre-sales grew 49% in the March quarter.

For the entire fiscal year, pre-sales value stood at ₹1,915 crore, marking a 20% YoY growth compared to the preceding financial year.

The leading luxury real estate developer reported pre-sales of around ₹678 crore for Q4FY24, a 26% growth YOY compared to ₹537 crore in Q4FY23.

The company’s total collections stood at ₹296 crore in the March quarter while for the entire FY24 the amount stood at ₹1,236 crore.

The stock was in focus on Thursday after the release of the Q4 operational updates on April 17, which was a non-trading day on account of Ram Navami.

The stock opened higher at ₹443.8 apiece and gained as much as 4.67% to hit a high of ₹447 apiece on the NSE. However, the stock pared some of its gains to close at ₹439 apiece, up 2.81% on the NSE.

Sunteck Realty also announced that it commenced seven large projects in the Mumbai Metropolitan Region, with a combined gross development value reaching around ₹30,000 crore. The company also expanded its annuity income portfolio with the addition of two leased assets at Mumbai’s BKC Junction.

Earlier this month, in another filing, Sunteck Realty announced that it has entered into a long-term agreement for its second premium commercial building, Sunteck Icon, at Bandra Kurla Complex Junction, with Bennett, Coleman & Co Ltd.

Sunteck Icon has a built-up area of about 2 lakh square feet, with rental rates touching ₹300 per square foot per month on a carpet area basis.