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Sunteck Realty shares rise on sharp rise in June quarter bookings; global brokerage retains buy

The rise in bookings was led by the performance of its mid-income and affordable housing projects.

July 13, 2021 / 09:51 AM IST
 
 
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Sunteck Realty share price gained over 6 percent in the morning session on July 13 after the company reported a 74 percent YoY increase in bookings at Rs 176 crore for the quarter ended June.

The rise in bookings was led by the performance of its mid-income and affordable housing projects.

Collections for the quarter was up 165 percent from the year-ago quarterr to Rs 172 crore, the company said in its regulatory filing. Its collection efficiency improved to 98 percent of pre-sales during the quarter as against 64 percent a year ago.

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The stock was trading at Rs 372.10, up Rs 23.50, or 6.74 percent. It has touched an intraday high of Rs 378.40 and an intraday low of Rs 362.60.

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Kamal Khetan, Chairman and Managing Director, Sunteck Realty in an exchange filing said, "In the quarter gone by, we continued our strong momentum in operational performance. Both pre-sales and collections witnessed sturdy growth along with high collections efficiency. The industry consolidation is leading to rise in the share of business for organized developers and Sunteck will be one of the biggest beneficiaries of this trend."

"Going forward, we expect to leverage our brand franchise and management expertise to evaluate new growth opportunities and thereby continue to increase our overall market share," he added.

Global research firm CLSA has maintained a buy on the stock and has raised the target to Rs 440 from Rs 425 per share. It is of the view that with presales down QoQ but up YoY in Q1, it targets 40-50 percent growth in FY22, according to a CNBC-TV18 report.

The company is confident of achieving Rs 1,40-1,500 crore in presales in FY22 adding that collection efficiency continues to improve. "We increase our presale estimates by 12 percent and 9 percent for FY22 and FY23. We like the stock on ramp-up of its mid-income and affordable housing portfolio," it added.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Jul 13, 2021 09:51 am

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