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ICICI Securities Report
Q1 FY21 was a tepid quarter for Sunteck Realty Ltd. along expected lines with sales bookings of Rs 1.0 billion (down 46% YoY) in its residential projects owing to complete Covid-19 induced lockdown across Mumbai Metropolitan Region.
We expect sales bookings to improve from Q3 FY21 if Covid-19 impact wanes as the company has significant ready inventory of Rs 24 billion across its Bandra Kurla Complex and Goregaon projects.
A strong balance sheet with net debt/equity of 0.3 times should enable Sunteck Realty to sail through the transient Covid-19 induced pain.
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