Motilal Oswal’s analysis report on Sunteck Realty
Sunteck Realty (SRIN) reported 3QFY24 pre-sales of INR4.5b, up 15% YoY/ QoQ every (in line). For 9MFY24, bookings stood at INR12.4b, up 16% YoY. Together with the proceeds from the current stake sale, collections rose 44% YoY and doubled sequentially to INR4.4b. For 9MFY24, collections remained flat at INR9.4b, and SRIN generated a internet surplus of INR2b throughout this era. Its Uber luxurious tasks at BKC generated gross sales of INR840m (vs. nil in 3QFY22), whereas the higher mid-income tasks recorded a 39% decline in bookings to INR1.8b. Nonetheless, the decrease mid-income tasks posted sturdy bookings of INR1.4b, up 113% YoY. Aided by sturdy surplus money, the online debt diminished to INR490m in 3Q from INR2.6b in 2QFY24.
We worth its residential section primarily based on the NPV of current pipelines and its business section primarily based on an 8% cap fee on FY25E EBITDA. We additionally assign INR14b of worth to future mission additions by the IFC platform to reach at our TP of INR640, indicating 42% upside potential.
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Sunteck Realty – 23012024 – moti