Sunteck Realty Limited announces financial results for Q4 & FY21

Sunteck Realty Limited announces financial results for Q4 & FY21

• Pre-sales grew by 6% Q-o-Q to Rs 371 cr in Q4 FY21
• Collections grew by 27% Q-o-Q and 83% Y-o-Y to Rs 321 cr in Q4 FY21
• Net debt to equity ratio strengthened to 0.18x in FY21 from 0.24x in FY20
• Strong positive operating cash flow of Rs 286 cr generated in FY21

Mumbai, June 29, 2021: Sunteck Realty Limited, Mumbai’s luxury real estate developer, announced its Q4 and FY21 financial results.

                                                                                                                                                       Rs cr

                                                                                                                                                         Rs cr

Q4FY21 Highlights –

• Strong pre-sales witnessed during the quarter.
• Highest-ever collections achieved during the quarter.
• Acquisition of ~7 acre land parcel at Borivali (West), under the asset light JDA model. The residential project in the western suburbs of Mumbai Metropolitan Region (MMR) will have ~1 mn sq ft of development potential.
• Strong cash flows during the quarter resulting in further reduction of negligible net debt (excl. quasi-equity) to 0.18x from 0.24x in FY20. Our average cost of borrowing has further come down during the quarter.

FY21 Highlights –

• Strong positive operating cash flow of Rs 286 cr generated in FY21
• Highest-ever pre-sales achieved in the mid-income segment driven by residential projects at ODC, Goregaon West – a Y-o-Y growth of 77%.
• Strong pre-sales also witnessed in the ready to move in projects across segments.
• Highest-ever collections achieved in a financial year in FY21 at Rs 780 cr.
• Aggressive project acquisition done in FY21 within the industry – 3 new project acquisitions under the asset-light strategy totaling to approx. 8 mn sq ft. at Vasai, Vasind and Borivali. These projects will further strengthen the cash flows and balance sheet of the company.
• The consolidated net debt has been reduced to Rs 498 cr (excl. quasi-equity) improving the Net D/E to 0.18x from 0.24x in FY20.

Commenting on the Q4 and FY21 operational performance, Mr. Kamal Khe tan, Chairman and Managing Direc tor, Sunteck Realty Ltd. said: “Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in 3 new project acquisitions for us at Vasai, Vasind and Bor ivali in MMR. Going forward, we expect to leverage our brand fran chise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall ma rket share. During FY21, we have achieved strong pre-sales and highest-ever collections. Our coll ecti on efficie ncy was strong at approx.76%. This led to generation of strong positive operating cash flows of Rs 286 cr leading to reduction in our already negligible debt by Rs 233 cr. We are amongst the top quartile of the indu stry in terms of our leverage levels. A key to our strong operational performance is being a dominant develo per in each of the micro-markets and housing segments we are operating.  Additionally, the focus on our core str en gth of sales & marketing and in-house construction capabilities will enable us to sustain this strong pre-sales and collections trend going forward.”

 About Sunteck Realty

Sunteck Realty Limited (SRL) is one of the fastest growing Mumbai-based luxury real estate development com panies. SRL has an immaculate track record of having one of the lowest net Debt/Equity ratios, financial prude ncy and sustainable growth. The company focuses on a city centric development portfolio of about 38 million sq uare feet spread across 19 projects. 9 Projects completed & delivered. Sunteck Realty has differe ntiated its pr ojects under five brands – ‘Signature’: Uber luxury residences, ‘Signia’: Ultra luxury residences, ‘Sunteck City’: Pr emium luxury residences, ‘Sunteck World’: Aspirational luxury residences, ‘Sunteck’: Commercial & Retail dev elopments. The company has been a trendsetter in creating iconic destinations such as the flagship project, Sig nature Island at Bandra Kurla Complex (BKC), Sunteck City in Oshiwara District Centre (ODC), Goregaon and SunteckWorld at Naigaon – the largest township of MMR’s western Suburbs.

Disclaimer

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Sunteck Realty Limited will not be in any way responsible for any action taken based on su ch statements and undertakes no obligation to publicly update these forward-looking statements to reflect subseq uent events or circumstances.