Sunteck Realty Ltd. share price target

Pre-sales Increased Driven by New Launches Pre-sales for the quarter were up 220% QoQ & 5% YoY to Rs. 3.2 Bn while collections increased 8% YoY to Rs. 1.65 Bn.

Another Weak Quarter, Outlook Positive: Pre-sales value for the quarter was down 76 percent YoY to Rs. 1.01 Bn againstRs. 4.2 Bn in Q2FY19.

Acquires prime property near Lokhandwala in Mumbai Inks asset-light JDA acquisition with Transcon Enterprises SRL announced that it has entered into an agreement with Transcon Enterprises to acquire a premium project near Lokhandwala, Andheri (West) in Mumbai. The acquisition has been made under asset light JDA model and will have a total development of ~1.1 million square foot (msf). SRL will have a revenue share of 54% as per the terms of the JDA. While approvals and clearances will be Transcon's responsibility, SRL will handle construction,...

Mixed Quarter Pre-sales Slowing Down: SRL recorded a 2% YoY increase in pre-sales to Rs. 1.85 Bn and collections surged 18% YoY to Rs. 1.9 Bn. Pre-sales were primarily driven by the company's affordable housing project at Naigaon which was launched in Q2FY19.

SRL achieved sales volumes growth of 93% YoY to 1.63 lakh sq ft (lsf) (198 units) in Q1FY20, led by strong sales of 1.21 lsf (176 units) at Sunteck Westworld Naigaon. The company sold one unit of higher ticket size of ~13,000 sq ft worth | 81 crore at BKC's Signature Island in Q1FY20. While the company recorded 18 units (0.26 lsf) sales at ODC, none was through activation scheme. Overall, SRL clocked pre-sales worth | 185.8 crore (2.3% growth YoY) in Q1FY20. With Avenue-1 & 2 nearing completion, the management expects sales momentum at these projects to pick up further....

Affordable Housing Project Driving Sales: SRL recorded a 55% YoY increase in pre-sales to Rs. 2.9 Bn and collections surged 34% YoY to Rs. 2.06 Bn.

Affordable Housing Project Driving Sales:SRL recorded a 55% YoY increase in pre-sales to Rs. 2.9 Bn and collections surged 34% YoY to Rs. 2.06 Bn. Pre-sales were primarily driven by the company's a?ordable housing project at Naigaon which was launched in Q2FY19. SRL sold 223 units in the project amounting to Rs. 0.73 Bn.

SRL's sales volumes grew 3x YoY to 2.79 lsf (318 units) in Q4FY19, led by strong sales of 1.46 lsf (223 units) at Sunteck Westworld and 1.15 lsf (88 units) at ODC projects, followed by 0.12 lsf (2 units) at BKC projects. Geared response on the activation scheme at ODC helped SRL sell 88 units in Q4FY19. With this, it sold 153 units at ODC in FY19, surpassing its sales guidance of 150 units. Overall, SRL clocked 1.4 msf sales volumes in FY19. New sales bookings grew strongly by 2x YoY to | 1,202.3 crore while collections grew 24.5% YoY to | 660.9 crore in FY19. SRL is confident on...

Sunteck Realty Ltd (SRL) reported strong set of numbers. Standalone results were robust, however consolidated results were below our estimate. Consolidated revenue for the quarter grew 30% YoY and 38% QoQ to Rs 2697mn against our estimate of Rs 3620mn. EBITDA for Q4FY19 came at Rs 888mn (estimate Rs 1270mn) a growth of 4% QoQ and degrowth of 17% YoY. EBITDA margin fell to 33% for the quarter against 44% in QoQ and 52% YoY, mainly due to revenue recognition from Naigaon Project which carries lower margin. PAT for the quarter stood at Rs 634mn which was below our estimate of Rs 830mn, a growth of 3% YoY and 29%...

Sunteck Realty Ltd (SRL) reported strong set of numbers. Standalone results were robust, however consolidated results were below our estimate. Consolidated revenue for the quarter grew 30% YoY and 38% QoQ to Rs 2697mn against our estimate of Rs 3620mn. EBITDA for Q4FY19 came at Rs 888mn (estimate Rs 1270mn) a growth of 4% QoQ and degrowth of 17% YoY. EBITDA margin fell to 33% for the quarter against 44% in QoQ and 52% YoY, mainly due to revenue recognition from Naigaon Project which carries lower margin. PAT for the quarter stood at Rs 634mn which was below our estimate of Rs 830mn, a growth of 3% YoY and 29%...