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Q1 update: Sunteck Realty shares surge almost 25% in 3 sessions, CLSA revises price target of scrip
Sunteck Realty shares soared 8.5 per cent to Rs 378.4 per share, which is also a day’s high level, on the BSE intraday trade on Tuesday.
On the back of a strong first-quarter update, Sunteck Realty shares soared 8.5 per cent to Rs 378.4 per share, which is also a day’s high level, on the BSE intraday trade on Tuesday.
According to exchange filings, the realty developer reported a 74 per cent YoY rise in bookings at Rs 176 crore in the June-ended quarter of fiscal 2022, mainly led by the performance of its mid-income and affordable housing projects.
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Similarly, the collections grew by 165 per cent to Rs 172 crore YoY basis, Sunteck said. Moreover, the company’s collection efficiency improved to 98 per cent pre-sales in Q1 versus 64 per cent YoY.
The developer has acquired three new project acquisitions under the asset-light strategy totaling 8 million sq ft at Vasai, Vasind and Borivali in Mumbai Metropolitan Region (MMR) In FY 2020-21.
Sunteck Realty’s collection efficiency continues to improve, CLSA increases pre-sales estimates by 12 per cent and 9 per cent for FY22 and FY23 respectively. The brokerage likes the stock on the ramp-up of its mid-income and affordable housing portfolio.
CLSA revises its target to Rs 440 per share from 425 per share while maintaining a Buy rating. The brokerage firm being bullish on the overall realty sector said, it would double their revenue in the next 3-4 years and the cash flows of real estate companies would improve going forward.
At around 11:55 am, the scrip is trading over 4 per cent higher to Rs 363.25 per share on the BSE, as compared to a 0.56 per cent rise in the S&P BSE Sensex. The stock has jumped almost 25 per cent in the last three sessions on the BSE from 305.25 per share.
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