Motilal Oswal's research report on Sunteck Realty
Sunteck reported pre-sales of INR5b in 1QFY25, up 30% YoY (in line). Traction in uber-luxury projects remained intact, with bookings of INR1.1b or 22% of overall pre-sales. The upper mid-income segment accounted for 46% of pre-sales. Collections increased 18% YoY to INR3.4b and Sunteck generated OCF of INR1b. The company remains debt free and intends to utilize the surplus cash to further strengthen its project pipeline. The management aims to launch a new phase across all its ongoing projects and expects over 30% growth in bookings in FY25.
Outlook
We incorporate the Dubai project in the upcoming project pipeline and arrive at an increased TP of INR745. Reiterate BUY rating with 27% upside potential.
For all recommendations report, click here
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