Sunteck Realty Ltd’s (Sunteck) operating revenue for Q1FY19 grew by 58% yoy to Rs211.1cr as against Rs133.4cr in Q1FY18. This surpassed consensus estimates of Rs176.5cr. The company’s EBITDA margin contracted by 17bps yoy to 52.9% as against 53% yoy. EBITDA rose by 57.8% yoy to Rs111.6cr as against Rs70.7cr. This was higher than consensus estimates of Rs107.4cr. The company’s net profit after minority interest and share of associates grew by 95.2% yoy to Rs68.25cr. This beat consensus estimates of Rs50cr.
The company’s pre-sales jumped 42% yoy to Rs181.6cr, while collections spurted 23% to Rs161cr in the quarter.
Sunteck said that higher traction for the BKC (Bandra Kurla Complex) and Goregaon projects has led to improved sales for the quarter.
The company said that Naigaon project will be its attempt to capitalize on its brand and realise its objective of being across price points. This project will further augment the sales potential of Sunteck.
IND AS 115 'Revenue from contract with customer’, has been notified by Ministry of Corporate Affairs (MCA) on March 28, 2018n and is effective from accounting period beginning on or after April. 2018, which will replace existing revenue recognition requirement.
In accordance with the new standard, and on the basis of the Sunteck's contracts with customers and based on expert legal opinion, its performance obligations are satisfied over time. Its application didn't have significant impact on recognition and measurement of revenue and related items in the financial results including the retained earnings as at April 01, 2018.
Sunteck Realty Ltd is currently trading at Rs. 463.50, up by 5.4 points or 1.18% from its previous closing of Rs. 458.10 on the BSE.
The scrip opened at Rs. 459 and has touched a high and low of Rs. 470.45 and Rs. 454.25 respectively. So far 3,59,210 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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