Sunteck Q1 profit down 42% at Rs 35 crore

Sunteck Realty today reported a 42 per cent decline in consolidated net profit at Rs 35.2 crore for the quarter ended June.

Its net profit stood at Rs 60.3 crore in the year-ago period, the company said in a regulatory filing.

Revenue from operations fell to Rs 133.4 crore in the second quarter of this fiscal, from Rs 524.5 crore in the corresponding period of the previous year.

Commenting on the performance, company's CMD Kamal Khetan said, "The first quarter of FY2018 has witnessed profound regulatory changes taking shape such as RERA (real estate law) and GST. We underline our support to these positive measures".

He said the company has applied for RERA registration for all ongoing projects, and obtained the registration number for two projects.

"GST has also been implemented across our projects. We believe these reforms are setting the stage for sustainable growth for organized developers," Khetan said.

Mumbai-based Sunteck Realty focuses on a city-centric development portfolio of about 23 million sq ft spread across 25 projects.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)