Sunteck Realty Q3 Profit Rises 34% to ₹57Cr

Sunteck Realty has posted a 34% increase in its consolidated net profit to Rs 56.83 crore for the third quarter of this fiscal year.

Its net profit stood at ₹42.52 crore in the year-ago period.

Total income rose to Rs 356.04 crore in the October-December period of this fiscal from ₹174.76 crore in the corresponding period of the preceding year, according to a regulatory filing on Tuesday.

On the operational front, Sunteck Realty Ltd's sales bookings increased to ₹734 crore during the third quarter of this fiscal from ₹635 crore in the year-ago period.

Sunteck Realty said it has recently acquired a 1.75-acre land parcel located at Andheri, Mumbai. The project has an estimated revenue of ₹2,500 crore.

This is the company's third strategic addition to its development portfolio in the current financial year, following the Mira Road project on Western Express Highway and a redevelopment project at Andheri near Western Express Highway.

The combined estimated revenue potential of these three upcoming projects is around ₹5,000 crore.

Sunteck Realty is one of the leading real estate developers in the country.

The company has a portfolio of over 50 million square feet spread across 32 projects.