Connect with us

News

Sunteck sees cash flow of Rs 286 cr during the FY21

Sunteck

Mumbai’s luxury real estate developer Sunteck Realty Limited announced its Q4 and FY21 financial results on June 29.

According to a press release, the company witnessed strong pre-sales during Q4FY21 and had the highest-ever collections. Strong cash flows during the quarter resulted in further reduction of negligible net debt (excl. quasi-equity) to 0.18x from 0.24x in FY20.

During FY21, Sunteck generated strong positive operating cash flow of Rs 286 crore. It achieved the highest-ever pre-sales in the mid-income segment driven by residential projects at ODC, Goregaon West, a Y-o-Y growth of 77 pc. Strong pre-sales was also witnessed in the ready to move in projects across segments.

The release further said the company achieved the highest-ever collections in a financial year in FY21 at Rs 780 crore. The consolidated net debt has been reduced to Rs 498 cr (excl. quasi-equity) improving the Net D/E to 0.18x from 0.24x in FY20.

kamal khetanKamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd, said: “Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in three new project acquisitions for us at Vasai, Vasind and Borivali in MMR. Going forward, we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall market share.”

Advertisement

Trending