Wednesday, June 30, 2021

Sunteck Realty Limited announces financial results for Q4 & FY21

 Pre-sales grew by 6% Q-o-Q to Rs 371 cr in Q4 FY21

    • Collections grew by 27% Q-o-Q and 83% Y-o-Y to Rs 321 cr in Q4 FY21
    • Net debt to equity ratio strengthened to 0.18x in FY21 from 0.24x in FY20
    • Strong positive operating cash flow of Rs 286 cr generated in FY21

Mumbai, June 30, 2021: Sunteck Realty Limited, Mumbai’s luxury real estate developer, announced its Q4 and FY21 financial results.

 

Rs cr

Pre-Sales

Segment

1QFY21

2QFY21

3QFY21

4QFY21

FY2020

(Full year)

FY2021

(Full year)

BKC Projects

Luxury

-

-

-

90

72

90

ODC Projects

Mid-income

41

53

189

201

273

484

Naigaon Projects

Affordable

48

32

62

75

763

217

Other Projects

Mixed

12

115

99

5

113

231

Total

 

101

200

349

371

1,221

1,022

 

 

Rs cr

Collections

Segment

1QFY21

2QFY21

3QFY21

4QFY21

FY2020

(Full year)

FY2021

(Full year)

BKC Projects

Luxury

-

44

-

51

100

95

ODC Projects

Mid-income

29

31

114

104

269

278

Naigaon Projects

Affordable

35

41

65

89

278

230

Other Projects

Mixed

1

26

73

77

68

177

Total

 

65

141

252

321

715

780

                                                                                                                                                       Rs cr

P&L

Q4FY21

Q3FY21

QoQ %

Q4FY20

YoY %

FY2021

FY2020

YoY %

Revenue

191

217

-12%

87

120%

614

560

10%

EBITDA

39

49

-20%

4

956%

137

168

-19%

OPM %

20%

22%

4%

22%

30%

Net Profit

10

23

-55%

-13

NM

42

75

-44%

NPM %

5%

11%

-15%

7%

13%

                                                                                                                                                         Rs cr

Cash Flow Statement

FY2021

FY2020

Cash Flow - Operating Activities

286

-78

Cash Flow - Investing Activities

14

-18

Cash Flow - Financing  Activities

-332

88

Net increase/decrease in Cash & Cash Equivalents (C&CE)

-32

-8

C&CE at the beginning of the year

83

91

C&CE at the end of the year

52

83

Q4FY21 Highlights –

  • Strong pre-sales witnessed during the quarter.
  • Highest-ever collections achieved during the quarter.
  • Acquisition of ~7 acre land parcel at Borivali (West), under the asset light JDA model. The residential project in the western suburbs of Mumbai Metropolitan Region (MMR) will have ~1 mn sq ft of development potential.
  • Strong cash flows during the quarter resulting in further reduction of negligible net debt (excl. quasi-equity) to 0.18x from 0.24x in FY20. Our average cost of borrowing has further come down during the quarter.

FY21 Highlights –

  • Strong positive operating cash flow of Rs 286 cr generated in FY21
  • Highest-ever pre-sales achieved in the mid-income segment driven by residential projects at ODC, Goregaon West - a Y-o-Y growth of 77%.
  • Strong pre-sales also witnessed in the ready to move in projects across segments.
  • Highest-ever collections achieved in a financial year in FY21 at Rs 780 cr.
  • Aggressive project acquisition done in FY21 within the industry - 3 new project acquisitions under the asset-light strategy totaling to approx. 8 mn sq ft. at Vasai, Vasind and Borivali. These projects will further strengthen the cash flows and balance sheet of the company.
  • The consolidated net debt has been reduced to Rs 498 cr (excl. quasi-equity) improving the Net D/E to 0.18x from 0.24x in FY20.

Commenting on the Q4 and FY21 operational performance, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in 3 new project acquisitions for us at Vasai, Vasind and Borivali in MMR. Going forward, we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall market share.

During FY21, we have achieved strong pre-sales and highest-ever collections. Our collection efficiency was strong at approx.76%. This led to generation of strong positive operating cash flows of Rs 286 cr leading to reduction in our already negligible debt by Rs 233 cr. We are amongst the top quartile of the industry in terms of our leverage levels. 

A key to our strong operational performance is being a dominant developer in each of the micro-markets and housing segments we are operating.  Additionally, the focus on our core strength of sales & marketing and in-house construction capabilities will enable us to sustain this strong pre-sales and collections trend going forward.”

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