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ICICI Securities Report
Sunteck Realty Ltd. clocked healthy Q3 FY23 sales bookings of Rs 4.0 billion (our estimate of Rs 3.5 billion) driven by the ODC, Goregaon (Rs 1.9 billion) project and Sunteck Beach Residences (Rs 1.1 billion) in the extended western suburb of Vasai during the quarter.
The company had given a formal guidance of Rs 18.0 billion of FY23 sales bookings and with nine months-FY23 sales bookings of Rs 10.7 billion, it is looking to achieve Q4 FY23 sales bookings of ~Rs 7.0 billion through the launch of its Kalyan or Mira Road project in Q4 FY23 which may contribute Rs 3-4 billion of sales bookings in addition to current quarterly run rate of Rs 3-4 billion.
In the medium term, Sunteck Realty has planned launches of 7.5 million square feet over Q4 FY23-FY24 having gross development value of over Rs 60 billion and is targeting FY24 sales bookings of ~Rs 25 billion.
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