Tag: Sunteck Realty Ltd.

Business

Reaction to Interim Budget 2024-25 from Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd

Feb 2, 2024 by Sujata Muguda 0 Comments #Kamal Khetan, #PMAY-Gramin, #Sunteck Realty Ltd.

Copy of Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd.

“The interim budget announcement envisions India’s long term growth story. The emphasis of the PMAY-Gramin on rural India will further the objective of Housing for all. Furthermore, we are looking forward to housing scheme for the urban middle class, which is anticipated to enhance housing and give a boost to the sector.

The sustained momentum in capital expenditure spending in expansion of the infrastructure development plan highlights the intent to continuously enhance housing infrastructure, entrepreneurship, and employment opportunities for the youth possessing technical skills.

The persistent emphasis on maintaining a capital expenditure outlay of approximately 3.4% of the GDP is likely to stimulate economic activity and align with the long-term vision of Viksit Bharat. We remain optimistic about the continued progress of the Indian economy under the prudent fiscal measures outlined in the Interim Union Budget.”

Business, News

Sunteck Realty Limited announces financial results for Q1 FY22

Jul 31, 2021 by Rekha Nair 0 Comments #Chairman and Managing Director, #Mr. Kamal Khetan, #Sunteck Realty Ltd.
         Rs cr
Operational Data Q1 FY22 Q1 FY21 YoY % Q4 FY21 FY 2021
Pre-sales 176 101 74% 371 1,022
Collections 172 65 165% 321 780

                     

  Rs cr
P&L Statement Q1 FY22 Q1 FY21 YoY % Q4 FY21 FY 2021
Revenue 93 55 69% 191 614
EBITDA 21 16 32% 35 137
OPM % 22% 28%   18% 22%
Net Profit 3 -3 NM 10 42

Commenting on the Q1 FY22 operational performance, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “In this transformational environment, we remain focused on execution of our existing portfolio – reflected in construction and collection progress of our various projects. We continue to maintain our balance sheet strength, complimented by prudent cash flow management.

Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in 3 new project acquisitions for us at Vasai, Vasind and Borivali in MMR. Going forward, we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall market share.

A key to our strong operational performance is being a dominant developer in each of the micro-markets and housing segments we are operating. Additionally, the focus on our core strength of sales & marketing and in-house construction capabilities will enable us to sustain this strong pre-sales and collections trend going forward.”

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Business World

Sunteck Realty Ltd enters JV to develop 7 acres of waterfront residences at Borivali West in Mumbai

Apr 1, 2021 by Neel Achary 0 Comments #Sunteck Realty Ltd.

Sunteck Realty Limited, the BSE and NSE Listed premium property developer in Mumbai has secured a marquee ~7 acre land parcel at Borivali (West). Sunteck Realty Limited would develop a luxury residential project in the upmarket residential locality. JLL India was the exclusive transaction partner for the JV.

Acquired under the asset light JDA model the residential project in the western suburbs of the city is spread across 7 acres and will have approximately 1 mn sq. ft of development potential. It is expected to generate a project top line of around INR 1,750 crore over the next 4-5 years further strengthening the cash flow and the balance sheet of the company. The project is likely to offer unobstructed views of the mangroves of Borivali and Gorai right up till the Global Vipassana Pagoda and beyond.

“We are pleased to have entered this joint venture. Given the land parcel is overlooking the sea, this development shall provide an opportunity to curate a unique and world class residential product consistent with the Sunteck brand. We shall bring in our best in class construction and development capabilities of luxury living. Our endeavor is to create a landmark development in this micro-market” said Mr. Kamal Khetan, Chairman, Sunteck Realty Limited.

“Mumbai western suburbs continue to remain one of the most dominant and active end user residential markets in the country. Historically low home loan rates along with government incentives as well as rationalisation of prices by real estate developers has led to healthy ready inventory absorption in the past few quarters. As such, we feel the trend to percolate to newer launches and under-construction projects as well. Stronger brands should continue to observe aggressive sales going ahead” said Nishant Kabra, Senior Director & Head – Land and Development Services (West India), JLL India.

Borivali West – located in the western suburb of Mumbai has transformed into an excellent residential destination owing to good road/rail connectivity and social infrastructure. Beyond this, the upcoming metro line 2A connects Dahisar to DN Nagar and further to other parts of the city via multiple lines. The metro development along with the Coastal Road Project will transform this micro-market and solidify the city’s western suburbs as a much more attractive residential and commercial destination due to significantly reduced travel time.

Sunteck Realty Limited rating affirmed ‘AA-’ with the outlook upgraded to ‘Positive’
Business World, News

Sunteck Realty Limited rating affirmed ‘AA-’ with the outlook upgraded to ‘Positive’

Feb 27, 2021 by Rekha Nair 0 Comments #Chairman and Managing Director, #Mr. Kamal Khetan, #Sunteck Realty Ltd.

Hyderabad: Sunteck Realty Limited, Mumbai’s premium real estate developer announced its long-term issuer rating affirmation of ‘AA-’ with the outlook upgraded to ‘Positive’ by India Ratings & Research (Fitch Group). The short term issuer rating has been affirmed “A1+”.

The upgrade in Outlook reflects the credit rating agency’s expectation of an improvement in the business profile of Sunteck due to acceleration in the already consolidating residential real estate market, with the pandemic-related disruptions having constrained demand and supply from unorganised real estate developers. The outlook upgrade is also supported by the resilient operating performance of Sunteck despite the pandemic. The price point diversity across completed, ongoing and new project launches, prudent financial policies, strong credit metrics and cashflow visibility also provided conviction to the outlook upgrade.

Commenting on the same, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “This affirmation of ‘AA-’ credit rating with upgrade in outlook to ‘Positive’ by India Ratings is a reflection of our continued focus on prudent cash flow management along with financial discipline. Strong operating cash flows has aided us 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. Our ongoing focus on execution driven by our strong in-house construction capabilities will continue to generate sustained cash flows for us. The availability of inventory across our brands and pricing spectrum creates flexibility to offer projects based on needs of various customer segments. 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.”

Sunteck Realty Limited announces Operational Update for Q3FY21
News

Sunteck Realty Limited announces Operational Update for Q3FY21

Jan 12, 2021 by Rekha Nair 0 Comments #Chairman and Managing Director, #Mr. Kamal Khetan, #Sunteck Realty Ltd.

Hyderabad/Mumbai: Sunteck Realty Limited, Mumbai’s premium real estate developer, announced its Q3 and 9M FY20-21 operational updates.

Rs cr
Operational Data Q3FY21 Q2FY21 QoQ % Q3FY20 YoY % 9MFY21 9MFY20 YoY %
Pre-sales (new bookings) 349 200 75% 325 7% 650 613 6%
Collections 252 141 79% 166 52% 458 540 (15%)

SRL saw a robust growth in Pre-sales for Q3 FY21 at Rs 349 crore; it was up by 75% QoQ and by 7% YoY as well. Collections also grew at 79% QoQ to Rs 252 crore for Q3 FY21 and by 52% YoY.

As the operations resume post lockdown, the Company has continued its strong sales momentum, supported by its ready-to-move-in, nearing-ready inventory as well as newly launched projects. With the construction activity returning to pre-COVID levels, the Company remains focused on accelerating the project progress across the portfolio to offset the time lost on account of the ongoing pandemic. SRL recently launched the second tower at SunteckCity 4th Avenue, ODC and received a tremendous response due to its esteemed brand lineage, differentiated product offering in the micro markets and commitment for the superior customer experience.

Commenting on the Q3 FY21 performance, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “Our customer-first approach has underpinned our continued strong performance. Our superior product offering coupled with strong customer servicing through out the life-cycle of our patrons has won us the brand loyalty we command in the market today. A combination of favorable factors such as the reduced stamp duty and low interest rates is expediting the home-purchase decision. We are observing a trend of increased demand and renewed buyer interest for high quality products, especially those with strong balance sheet and high brand recall. With project execution ramping up, the collections across our projects has been sequentially growing and we remain confident to maintain this strong trend.”

“Given the current socio-economic market dynamics, our continued focus on prudent cash flow management along with low debt ratios and financial flexibility have ensured our balance sheet strength on a sustained basis. We continue to focus on delivery driven by our strong in-house construction capabilities, which in turn will continue to generate sustained cash flows for us. 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” he added.