Fundamental Result Update

Sunteck Realty Ltd Q1FY20 Result Update



Sunteck Realty Ltd (SRL) reported mixed set of numbers. Owing to overall slowdown in real estate sector SRL’s new booking suffered a jolt. Sales at its BKC and ODC projects were weak, while Its affordable project at Naigaon maintained its traction despite slowdown. Consolidated revenue for the quarter declined 17.3% YoY and 35.3% QoQ to Rs 1746 mn mainly on account of lower sales in its ODC project. EBITDA suffered a decline of 45.5% YoY/31.5% QoQ to Rs 609 mn. EBITDA margin expanded 191 bps QoQ to 34.9%, though on YoY basis margin fell 1800 bps (not comparable due to higher base and absence of Naigaon numbers last year which carry lower margin). PAT stood at Rs 332 mn; decline of 51.3% YoY/48.5% QoQ. We recommend Hold rating on SRL with a revised target price of Rs 510.


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