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Motilal Oswal Report
In 9M FY24, Sunteck Realty Ltd. reported pre-sales of Rs 12.4 billion, up 16% YoY, largely on the back of pick-up in bookings at its uber-luxury projects in BKC as well as its aspirational project in Naigaon.
In Q3 FY24, Sunteck launched an aspirational project in Kalyan, unveiling a tower with a saleable value of Rs 3-3.5 billion. Within just a month, Rs 0.7 billion or 20-25% of the total value, was booked. This contributed seven ppts to the overall performance for 9M FY24.
The contribution from Kalyan is expected to increase as Q4 will witness the first full quarter of operation. Additionally, the company plans to launch a third tower at Mira Road, with a gross development value potential of Rs 5-6 billion. This is expected to receive strong response on the back of healthy traction in the first two towers.
That, coupled with sustained traction at existing projects, will lead to bookings of Rs 6.5-7.5 billion in Q4 FY24, taking the full-year sales to Rs 19-20 billion, up 20-25% YoY, and in line with management guidance.
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