Sunteck Realty Ltd’s net profit nosedives 92% to Rs 3 cr for Q1FY21

New Delhi: Mumbai-based Sunteck Realty Ltd’s (SRL) consolidated net profit nosedived 92 percent to Rs 3.1 crore for the first quarter of the current fiscal as compared to Rs 36 crore in the corresponding quarter of the previous fiscal. 

The consolidated revenue of the company dropped 66 percent to Rs 60 crore for the first quarter of the current fiscal as compared to Rs 178 crore in the corresponding quarter of the previous fiscal.

The pre-sales or new bookings of SRL went down to Rs 101 crore for the first quarter of the current fiscal as compared to Rs 185 crore in the corresponding quarter of the previous fiscal. The collections of SRL went down to Rs 65 crore for the first quarter of the current fiscal as compared to Rs 189 crore in the corresponding quarter of the previous fiscal. 

The board of the company has approved an enabling resolution for the company to raise up to Rs 2,000 crore by way of QIP or FPO or ADR or GDR or rights issue or debt issue or preferential issue or FCCB. The approval is for raising up to Rs 1,500 crore through Non-Convertible Debt by way of private placement in one or more installments. Another Rs 500 crore can be raised by way of equity shares or any other securities of the company convertible into equity shares, the company said in regulatory filing.

The company has been removed for Group A of BSE with effect from 15 July. 

 

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