Property developer Sunteck Realty reported an 89 percent on-year jump in pre-sales to Rs 333 crore for the quarter ended in June. Although pre-sales went down by 34 percent as compared to the previous quarter. As per the company, its collections also rose 66 percent on year to Rs 285 crore during the quarter with collection efficiency at 86 percent.
However, shares of Sunteck Realty failed to ride on the positive numbers. The stock fell as much as 1.6 percent in trade on Tuesday on the BSE.
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“The new project launches over the forthcoming quarters along with sales momentum in ongoing projects, shall lead to continued growth impetus in the pre-sales and cash flows of the company and thereby grow our market share,” the company said in a regulatory filing.
So far this year the stock has risen 2.8 percent while one year return on the stock has been 44 percent.#1QWithCNBCTV18 | Sunteck Realty Q1 Update
▶️Pre-sales up 89% YoY & down 34% QoQ at Rs 333 cr▶️Collections up 66% YoY & down 29% QoQ at Rs 285 crNew launches & sales momentum in ongoing projs, shall lead to continued growth, Sunteck Realty says pic.twitter.com/59hCaEFhoJ— CNBC-TV18 (@CNBCTV18Live) July 12, 2022
As a result of the outbreak of the Covid19 pandemic, the ongoing consolidation in the real estate sector has accelerated.
As homebuyers become increasingly reliant on developers' track records of execution and sound financial position to complete the project, established and listed real estate developers are gaining more market share in terms of sales and liquidity.
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