Sunteck Realty has reported more than six fold jump in consolidated net profit to Rs 97.28 crore for the second quarter of the current fiscal on a sharp rise in sales.
Its net profit stood at Rs 15.53 crore in the year-ago period, the Mumbai-based firm said in a BSE filing.
The company’s income from operations also rose nearly 7-fold to Rs 206.06 crore in the July-September quarter of 2016-17, from Rs 30.20 crore in the year-ago period.
During the first half of this fiscal, net profit soared to Rs 157.4 crore, from Rs 22.48 crore in the April-September period of 2015-16.
Income from operations also went up to Rs 730.59 crore during the 6-month period under review, from Rs 83.58 crore in the corresponding period of the previous year.
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Sunteck CMD Kamal Khetan said the company “continued its strong performance both operationally and financially for the first half of FY17. Our prudent cash flow management practices along with financial discipline have enabled us to strengthen the balance sheet further”.
He said organised players with strong balance sheets would benefit from measures like the recent demonetisation policy and introduction of RERA (Real Estate Regulatory Act).
The improved liquidity in the system due to demonetisation would result in reduction of home loan rates and bring down the EMIs for home buyers, which should give a boost to the real estate sector in the coming quarters, he added.
Sunteck Realty stock was trading 11.16 per cent up at Rs 231 on BSE.