Sunteck Realty drops over 3% as Q1 earnings disappoints Street

Shares of Sunteck Realty traded in the red after the company reported losses for yet another quarter.

Sunteck Realty reported a net consolidated loss of Rs 6.73 crore during the quarter ended June 30, 2023. The company narrowed the losses from the previous quarter but stayed in the red when compared to the net profit recorded last year.

The company’s net consolidated total income stood at Rs 88.41 crore in Q1 FY24, falling 40.55 percent from Rs 148.71 crore last year.

In another development, the company’s board of directors approved the scheme of amalgamation of Skystar Buildcon, Advaith lnfraprojects, Magnate Industries and Shivay Brokers, which are wholly owned subsidiaries, with the holding company.

As of 2.30pm, the stock traded down 3.39 percent at Rs 375.80.

The company said that during the quarter, pre-sales grew by 16 percent on-year to Rs 387 crore, while collections remained ‘strong’ at Rs 288 crore. Its  core EBITDA margin stood at 43 percent.

The company’s net debt reached Rs 264 crore, while the net debt-equity ratio stood at 0.09x.

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