Sunteck Realty reports Q2 net profit at 621 crore
The consolidated net profit of Sunteck Realty was reported at Rs 621 crore, down 35.4% YoY for the quarter ended September. Revenue from operations during the quarter were recorded at Rs. 346.7 crore, up 68.2%.
The company has launched fresh inventory at projects Sunteck City Avenue 1 and Avenue 2 at ODC, Goregaon (W) which received an overwhelming response, said the company. Revenue from Sunteck City Avenue 1 and Avenue 2 at Goregaon (W), ODC, recognized for the first time during Q2FY18.
Kamal Khetan, CMD, Sunteck Realty said, “The second quarter of FY2018 has seen the transition to RERA and GST regime taking shape. The strong recent customer response at ODC reiterates our confidence that the ongoing reforms in India’s real estate sector are setting the stage for sustainable growth of organized developers. Our balance sheet strength gives us an edge to look at acquisition of projects across pricing spectrums, including distressed opportunities. In addition, with the company raising fresh capital recently, we are very well placed to increase the pace of execution at our ongoing and forthcoming projects. 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.”