Sunteck Realty Limited announces Q4 and full year FY2018 results

Author(s): 

· EBITDA grows by 48%yoy to Rs107cr during Q4FY2018
· PAT grows by 65%yoy to Rs56cr during Q4FY2018
· PAT margins increase to 27% (+252bps yoy) during Q4FY2018

Commenting on the Q4 & full year FY2018 performance, Mr.Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “The year gone by has been an eventful one for us. The highly successful capital raise put us in an enviable position to take the company to the next level of growth. The strengthened balance sheet helped us improve our long term credit rating from A+ to AA-. We forayed into the aspirational homes segment with the acquisition of 100acres in the western suburbs of MMR under the JDA model. This allows us to be present in the entire spectrum of real estate industry from super luxury for ultra-HNIs to aspirational homes under the affordable segment. At our projects Sunteck City Avenue 1 and Avenue 2 in Oshiwara District Centre (ODC), Goregaon (W) – regular sales activations have been receiving an encouraging response and helped us achieve good sales. The strong traction at our flagship BKC projects continue to register robust price growth, margin improvement and increased inquiry levels.

The year gone by has witnessed many positive changes taking shape in India’s real estate sector. Reform measures like implementation of RERA and clarity on GST are structural changes which are providing long term growth and consolidation opportunities for organized developers like us. Additionally, our balance sheet strength gives us an edge to look at project acquisitions across the pricing spectrum, including distressed opportunities. We are excited about the times ahead and aim to benefit from the upcoming opportunity in India’s real estate sector thereby scaling up our business while maintaining attractive RoEs.”

Date: 
Wednesday, May 23, 2018