Sunteck Realty to start affordable housing biz; stock zooms
Sunteck Realty is planning to start a new business vertical on affordable housing. The company is going to invest Rs 1,000 crore in its affordable housing projects.
Sunteck Realty's new vertical will benefit the company by diversification of risks and increased sales as well as profits. The company's affordable housing vertical will focus on its projects based in Navi Mumbai, Thane, Kalyan and other nearby locations.
On the financial front, Sunteck Realty's revenue stood at Rs 206 crore in Q2FY17 against Rs 525 crore in Q1FY17. The company's operating profit increased by 9.57 per cent to Rs 126 crore in Q2FY17 on quarterly basis. Its net profit also boosted by 61.83 per cent to Rs 97 crore in Q2FY17 as compared to the previous quarter.
The share price of Sunteck Realty increased 5.16 per cent on bourses in early trade and is trading at Rs 257.65 in an intraday basis. The share price of the company has given returns of 31 per cent in the last one year. Going forward, the company will declare its Q3FY17 results on February 13.