Sunteck Realty Q1 profit falls to Rs 3 cr on COVID-19 impact

Source :ANI
Author :ANI
Last Updated: Wed, Jul 29th, 2020, 11:23:20hrs
The company is focusing on city-centric development of about 31 million sq ft across 26 projects.

Mumbai (Maharashtra) [India], July 29 (ANI): Luxury developer Sunteck Realty Ltd on Wednesday reported a profit after tax of Rs 3 crore for the first quarter of the current financial year as against Rs 36 crore in Q1 FY20.

Revenue fell from Rs 178 crore to Rs 61 crore while collections stood at Rs 65 crore in Q1 FY21 as against Rs 189 crore in the corresponding period of previous fiscal.
Pre-sales (new bookings) stood at Rs 101 crore as against Rs 186 crore in Q1 FY20.
The quarter gone by has been the most unprecedented and challenging one so far, said Chairman and Managing Director Kamal Khetan. "However, despite the impact of COVID-19 and the subsequent economic slowdown, we have successfully maintained our sales momentum."
Project execution is steadily returning to pre-COVID levels and business development activity has picked up the pace. "With our highest ever pre-sales in a financial year and resumption of execution, we remain confident of booking stronger revenues and profit margins in the current financial year," he said in a statement.
Earlier this month, Sunteck Realty acquired a prime project of nearly 50 acres in Mumbai's posh location of Vasai (West) having a development potential of 4.5 million square feet in the Mumbai Metropolitan Region (MMR).
The project will have a revenue potential of Rs 5,000 crore over the next five to seven years, further strengthening the cash flow and the balance sheet of the company.
In the fiscal year ended March, the realty major clocked a profit after tax of Rs 101 crore as against Rs 241 crore in FY19. The revenue for FY20 stood at Rs 608 crore as against Rs 857 crore for FY19. (ANI)