February 22, 2024

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.

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Outlook

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