Sunteck Realty Q4 Results Review - Healthy Performance Aided By Luxury Sales: Motilal Oswal

Motilal Oswal Report

Sunteck Realty Ltd. reported pre-sales of Rs 6.8 billion in Q4 FY24, up 26%/ 51% YoY/QoQ (29% above our estimate). In FY24, it achieved bookings of Rs 19.2 billion, up 20% YoY, with an embedded Ebitda margin of 35%.

Pre-sales in FY24 were slightly lower than the guidance of Rs 20 billion due to a delay in the new tower launch at the Mira Road project. However, Sunteck remains confident in delivering 30-35% bookings growth in FY25.

In Q4 FY24, Sunteck posted 10% YoY decline in collections at Rs 3 billion. For FY24, collections were flat at Rs 12.4 billion and adjusted for proceeds from the treasury stake sale, collections dipped 24% YoY to Rs 9.6 billion. The decline can be attributed to lower inflows from new projects such as Mira Road and Vasai, where it posted healthy sales but the pace of construction has not picked up.

In FY24, the Uber luxury projects at BKC generated sales of Rs 2.4 billion (up three times YoY), which were higher than cumulative bookings achieved in the last three years. The upper mid-income projects recorded a 19% YoY decline in bookings to Rs 10 billion. However, the lower mid-income projects posted strong bookings of Rs 4.8 billion, up 118% YoY.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.