Shares of Sunteck Realty skyrocketed over 10 percent on January 21, buoyed by the company's solid earnings performance in the December quarter. The real estate major jumped back into the black with a net profit of Rs 42.50 crore, a massive turnaround from a loss of Rs 9.70 crore in the year ago period.
The surge in net profit was also coupled with an over 2.5x jump in revenue to Rs 161.80 crore, up from Rs 42.40 crore in the same quarter last fiscal. Operational performance also remained strong, with EBITDA margin at 29.9 percent.
The company's presales of Rs 635 crore in Q3, up 40 percent on year. The growth was driven by the 66 percent contribution from the uber luxury and 19 percent contribution from the premium luxury segments.
Sunteck Realty also added the Nepean Sea project-2 with a total gross development value of Rs 2,400 crore.
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At 10.04 am, shares of Sunteck Realty were trading at Rs 528.65 on the NSE. The uptick was also triggered by a flux of heavy trading volumes in the counter. As much as 47 lakh shares of Sunteck Realty changed hands on the exchanges thus far, a meteoric rise from the one-month daily traded average of just three lakh shares.
Shares of the real estate developer have been on downtrend for the past three months, losing nearly 12 percent of its value as investors jumped on a profit booking spree.
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