Sunteck Realty Q3 net profit Rs 57 cr, up 34% on year

Mumbai: Real estate developer Sunteck Realty has recorded a 34% year-on-year growth in net profit at Rs 57 crore for the quarter ended December. Revenue for the quarter 113% to Rs 344 crore.

The company’s pre-sales during the quarter rose to Rs 734 crore from Rs 635 crore a year, while collections declined to Rs 319 crore from Rs 336 crore, the company said in its earnings release. The developer’s operating profit grew 68% to Rs 82 crore.

The company acquired a 1.75-acre land parcel in Mumbai’s western suburb Andheri suburb, near International Airport. The project has an estimated Gross Development Value (GDV) of Rs 2,500 crore.


This acquisition marks the company's third strategic addition to its development portfolio in the current financial year, following the Mira Road project on Western Express Highway and a redevelopment project at Andheri near Western Express Highway.

The combined estimated Gross Development Value (GDV) of these three projects stands at Rs 5,000 crore.