Sunteck Realty recorded pre-sales of about Rs 537 crore in fourth quarter of financial year 2022-23, up 6.8 percent on a year-on-year basis. However, the company saw a drop in its collections to Rs 330 crore , marking a decline of 18 percent from the year-ago quarter.
Mumbai-based Sunteck Realty Ltd on Monday announced muted pre-sales and collection figures for the last quarter of financial year 2022-23.
In its key operational updates for the quarter and fiscal year ended March 31, 2023, Sunteck Realty said it recorded pre-sales of about Rs 537 crore in Q4 FY23, up 6.8 percent on a year-on-year basis and 36 percent on a quarter-on-quarter basis. Pre-sales in real estate refer to contracts that developers and buyers sign to buy or sell a property before it has been built.
Sunteck Realty’s FY23 pre-sales grew 23 percent to Rs 1,602 crore compared with previous financial year.
However, the company saw a drop in its collections during the March ended quarter to Rs 330 crore , marking a decline of 18 percent from the year-ago quarter, although witnessed positive growth of 8 percent on a quarter-on-quarter basis. Collections represent the total cash received by a company in a given period for rental revenues and other property income.
After the announcement, shares of Sunteck Realty were trading lower on BSE on Monday. The stock has lost over 36 percent in the last one year compared with a 5.5 percent rise in the benchmark Sensex during the same period.
During the March ended quarter, the company also signed an exclusive lease deal with Upgrad for its premium commercial project Sunteck BKC51 at BKC Junction in Mumbai. The company said that the project is set to generate a total revenue of approximately Rs 2,000 crore over the entire lease tenure.
“Upgrad will be paying starting rentals of close to Rs 300 per sq ft. per month on carpet area basis. The total leased out area is approx. 2 lakh sq. ft. on built up area basis,” the company said in its operational update.