MUMBAI: Realty developer Sunteck Realty has reported 65% on-year rise in net profit at Rs 56 crore for the quarter ended March. Revenue from operations for the quarter rose 50% to Rs 206.7 crore, the company said in a release.During the fourth quarter, the company received new bookings worth Rs 186 crore, up 6% from a year ago and 79% sequentially. Collections during the quarter stood at Rs 154 crore, up 38% from a year ago and 53% from previous quarter.
“The year gone by has witnessed many positive changes taking shape in India’s real estate sector. Reform measures like implementation of RERA and clarity on GST are structural changes which are providing long term growth and consolidation opportunities for organized developers like us,” said Kamal Khetan, chairman and managing director, Sunteck Realty.
According to him, the balance sheet strength is allowing the company to look at project acquisitions across the pricing spectrum, including distressed opportunities.