Sunteck Realty shares dropped 5% in early trade on May 31 as investors moved to take partial profits following the company’s Q4 results. Earlier this week, the stock had surged over 7%, giving investors ample opportunity to book gains.
At 10:58 am, shares of Sunteck Realty were trading at Rs 465.55 on the NSE, down over 2% from the previous close but above the day’s low of Rs 451.55.
The real estate major returned to profitability in Q4FY24, reporting a net profit of Rs 101.3 crore compared to a net loss of Rs 27.9 crore in the same period last year. Strong housing demand and robust pre-sales drove the company’s impressive earnings performance.
Sunteck Realty’s revenue in Q4FY24 increased significantly to Rs 426.9 crore, up from Rs 48.9 crore in the year-ago period. The company’s operational performance also improved, with the EBITDA margin expanding to 35.9%.
The company reported its highest-ever annual pre-sales of Rs 1,915 crore in FY24.
As of 1:48 pm, shares were trading at Rs 473.90.
