1. Pre-sales grew by 6% Q-o-Q to Rs 371 cr in Q4 FY21
2. Collections grew by 27% Q-o-Q and 83% Y-o-Y to Rs 321 cr in Q4 FY21
3. Net debt to equity ratio strengthened to 0.18x in FY21 from 0.24x in FY20
4. Strong positive operating cash flow of Rs 286 cr generated in FY21

Hyderabad/Mumbai : Sunteck Realty Limited, Mumbai’s luxury real estate developer, announced its Q4 and FY21 financial results.

							Rs cr
Pre-Sales	Segment	1QFY21	2QFY21	3QFY21	4QFY21	FY2020 (Full year)	FY2021 (Full year)
BKC Projects	Luxury	–	–	–	90	72	90
ODC Projects	Mid-income	41	53	189	201	273	484
Naigaon Projects	Affordable	48	32	62	75	763	217
Other Projects	Mixed	12	115	99	5	113	231
Total		101	200	349	371	1,221	1,022

Collections	Segment	1QFY21	2QFY21	3QFY21	4QFY21	FY2020 (Full year)	FY2021 (Full year)
BKC Projects	Luxury	–	44	–	51	100	95
ODC Projects	Mid-income	29	31	114	104	269	278
Naigaon Projects	Affordable	35	41	65	89	278	230
Other Projects	Mixed	1	26	73	77	68	177
Total		65	141	252	321	715	780

P&L	Q4FY21	Q3FY21	QoQ %	Q4FY20	YoY %	FY2021	FY2020	YoY %
Revenue	191	217	-12%	87	120%	614	560	10%
EBITDA	39	49	-20%	4	956%	137	168	-19%
OPM %	20%	22%		4%		22%	30%
Net Profit	10	23	-55%	-13	NM	42	75	-44%
NPM %	5%	11%		-15%		7%	13%

Cash Flow Statement	FY2021	FY2020
Cash Flow – Operating Activities	286	-78
Cash Flow – Investing Activities	14	-18
Cash Flow – Financing  Activities	-332	88
Net increase/decrease in Cash & Cash Equivalents (C&CE)	-32	-8
C&CE at the beginning of the year	83	91
C&CE at the end of the year	52	83

Q4FY21 Highlights –

1. Strong pre-sales witnessed during the quarter.
2. Highest-ever collections achieved during the quarter.
3. Acquisition of ~7 acre land parcel at Borivali (West), under the asset light JDA model. The residential project in the western suburbs of Mumbai Metropolitan Region (MMR) will have ~1 mn sq ft of development potential.
4. Strong cash flows during the quarter resulting in further reduction of negligible net debt (excl. quasi-equity) to 0.18x from 0.24x in FY20. Our average cost of borrowing has further come down during the quarter.

FY21 Highlights –

1. Strong positive operating cash flow of Rs 286 cr generated in FY21
2. Highest-ever pre-sales achieved in the mid-income segment driven by residential projects at ODC, Goregaon West – a Y-o-Y growth of 77%.
3. Strong pre-sales also witnessed in the ready to move in projects across segments.
4. Highest-ever collections achieved in a financial year in FY21 at Rs 780 cr.
5. Aggressive project acquisition done in FY21 within the industry – 3 new project acquisitions under the asset-light strategy totaling to approx. 8 mn sq ft. at Vasai, Vasind and Borivali. These projects will further strengthen the cash flows and balance sheet of the company.
6. The consolidated net debt has been reduced to Rs 498 cr (excl. quasi-equity) improving the Net D/E to 0.18x from 0.24x in FY20.

Commenting on the Q4 and FY21 operational performance, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “Presently, we are witnessing strong consolidation across the industry and we will be one of the biggest beneficiaries of this trend. The industry consolidation has already resulted in 3 new project acquisitions for us at Vasai, Vasind and Borivali in MMR. Going forward, we expect to leverage our brand franchise and management expertise to continue to evaluate new growth opportunities and thereby increasing our overall market share.

During FY21, we have achieved strong pre-sales and highest-ever collections. Our collection efficiency was strong at approx.76%. This led to generation of strong positive operating cash flows of Rs 286 cr leading to reduction in our already negligible debt by Rs 233 cr. We are amongst the top quartile of the industry in terms of our leverage levels.

A key to our strong operational performance is being a dominant developer in each of the micro-markets and housing segments we are operating.  Additionally, the focus on our core strength of sales & marketing and in-house construction capabilities will enable us to sustain this strong pre-sales and collections trend going forward.”