Sunteck Realty posted a over 200% or four-fold leap in its net profits in the October - December quarter of FY17 at Rs 20.61 crore.
Sunteck Realty posted a over 200% or four-fold leap in its net profits in the October - December quarter of FY17 at Rs 20.61 crore.
In the corresponding quarter in the year-ago period, the firm had posted a profit of Rs 5.58%. Its Oct-Dec 2016 profits were up 269.25% compared to the year-ago term.
Its income from operations was up 9% at Rs 83.69 crore versus Rs 77.12 crore in the corresponding period. the operating margin was up 41% and net profit margin was at 25% in the Oct-Dec 2016 quarter.
Commenting on the quarterly results, chairman and managing director Kamal Khetan, said, "On the operational front, we were able to clock good sales at our BKC projects. The luxury residential segment at BKC has performed better even after demonetization. These developments in BKC have thus defied the impact of demonetization and we remain optimistic about residential sale prices in BKC going forward.
"With both Signature Island and Signia Isles now having OC, many celebrated end‐users have already shifted into their apartments and more are expected to shift in the next few months. As we see the more residents moving in and coupled with the commercial demand picking up overall, we are seeing more and more traction at our BKC projects. We have also concluded multiple lease deals for our customers at amongst the highest rentals in the country.”
He added, "The third quarter of FY2017 witnessed a transformational change that will further strengthen the regulatory framework of India’s real estate sector. Demonetization will
lead to increased transparency thus improving home‐buyers confidence and helping reputable organized developers emerge stronger, with home loan rates already touching 8% levels. This measure will be well supported by RERA, and further reforms proposed in the Union Budget 2017 paving the way for a very strong next year for organised developers."
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