Sunteck Realty posts four-fold leap in net profit for October-December 2016

Highlights:

1.The company's consolidated net profit for the October-December quarter of FY17 jumped by 269.25% to Rs 20.61 crore against Rs 5.58 crore in the October-December quarter of FY16

2. Its total income from operations during the quarter under review rose 8.5% to Rs 83.69 crore as compared to Rs 77.12 crore in the corresponding period of previous year

3.The company's total expenses during the third quarter (Q3) declined by 22.5% to Rs 50.06 crore as against Rs 64.60 crore in the year-ago period

Sunteck Realty has reported an over 200% jump or four-fold leap in its consolidated net profit for the third quarter (Q3) of the fiscal year 2016-17 (FY17) ended on December 31, 2016.

"The company's consolidated net profit for the October-December quarter of FY17 jumped by 269.25% to Rs 20.61 crore against Rs 5.58 crore in the October-December quarter of FY16," Sunteck Realty said in a filing to the BSE on Monday. 

Its total income from operations during the quarter under review rose 8.5% to Rs 83.69 crore as compared to Rs 77.12 crore in the corresponding period of previous year.

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“The third quarter of FY17 witnessed a transformational change that will further strengthen the regulatory framework of India’s real estate sector. Demonetisation will lead to increased transparency thus improving home-buyers confidence and helping reputable organised developers emerge stronger, with home loan rates already touching 8% levels. This measure will be well supported by Real Estate Regulatory Authority (RERA), and further reforms proposed in the Union Budget 2017 paving the way for a very strong next year for organised developers," Sunteck Realty chairman and managing director Kamal Khetan, said in a press release.

The company's total expenses during the third quarter (Q3) declined by 22.5% to Rs 50.06 crore as against Rs 64.60 crore in the year-ago period, it said.

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At 13:07 hour, the stock of Sunteck Realty was trading down 1.05% or Rs 2.70 at Rs 254.80 on the BSE.

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