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HomeNewsReal EstateSunteck Realty's net profit dips 81.46% in Q3 FY23

Sunteck Realty’s net profit dips 81.46% in Q3 FY23

Sunteck Realty's total consolidated income stood at Rs 97.46 crore in Q3 FY23, a growth of 27.68 per cent from Rs 134.77 crore it recorded in the similar quarter last year.

Sunteck Realty has reported a dip of 81.46 per cent in its net consolidated profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 2.06 crore in Q3 FY23 as against Rs 11.11 crore it registered in the corresponding quarter of the last year, the company said in a BSE filing.

The company’s total consolidated income stood at Rs 97.46 crore in Q3 FY23, a growth of 27.68 per cent from Rs 134.77 crore it recorded in the similar quarter last year.

During the current quarter, the holding company has issued 12,929 equity shares of face value of Rs 1 each at a premium of Rs 224 per equity share and 924 equity shares of face value of Rs 1 each at a premium of Rs 324 per equity share pursuant to exercise of employee stock option schemes (ESOS) by the holders.

Non-current investments as at December 31, 2022 includes Rs 30.77 crore representing amount receivable from a joint venture of the group, which is in the business of real-estate development. Non-current financial assets of such joint venture includes other receivables aggregating Rs 17.15 crore (the group’s share Rs 8.57 crore) paid to CIDCO on account of additional lease premium paid under protest for extension of time in respect of development of a project due to various delays in obtaining required approvals from the respective authorities and wrong interpretation by authority on applicability of specific rule on the project, though the same was not applicable to the project which has been subsequently clarified later by the Government of Maharashtra, the company said in the regulatory filing.

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