From: India Ratings Upgrades Sunteck Realty to ‘IND AA’/Stable
-
Expected pre-sales growth: 18%-20% in FY24 and FY25.
-
Collections to be lower at 60%-65% of pre-sales over FY24-FY26 as large portion of the sales have been achieved in initial stage projects
-
Expected to launch a commercial project of around 1 million square feet in the ODC cluster, which expects to generate rental income of INR2.0 billion-2.5 billion.
-
The ready-to-move unsold inventory at end-9MFY24 is worth more than INR16.0 billion.
-
Asset-light JDA approach
- JDA projects do not involve any material upfront cash outgo as the company gives landowners a share of customer collections and there is no material upfront cash.
- The only outright acquisition has been in Napean Sea Road in South Mumbai.
-
Total free cash flow (accounting for any capex/ JDA, but excluding interest) of around INR2.1 billion over FY25-FY27.
Subscribe To Our Free Newsletter |