Sunteck Realty reports a net loss of Rs. 27.93 crores for Q4 FY23

Sunteck Realty reported a net consolidated loss after tax of Rs. 27.93 crores for the quarter ending on March 31, 2023. This represents a significant increase in losses compared to the net consolidated loss of Rs. 4.31 crore reported in the same quarter of the previous year. The company's net consolidated total income for the fourth quarter of FY23 stood at Rs 56.90 crore, reflecting a decline of 64.53% from the Rs 160.42 crore earned in the corresponding period of FY22.

In light of the financial performance, the board of directors proposed a dividend of 150% amounting to Rs 1.50 per equity share with a face value of Rs 1 for the fiscal year ending on March 31, 2023. Additionally, the board authorized an enabling resolution to raise funds through various means such as rights issue, debt issue, preferential issue, ADR, GDR, QIP, FPO, ADR, GDR, or any other suitable methods. The proposed amount to be raised under this resolution is capped at Rs 2,250 crore. This can be accomplished either through non-convertible debt obtained via private placement in tranches of not more than Rs. 1,500 crores or through equity shares or other securities convertible into equity shares, not exceeding Rs 750 crore in total, and issued in one or more tranches.

Furthermore, the board approved the consolidation plan of merging Suntceck Realty with its wholly owned subsidiary firms, namely Skystar Buildcon, Advaith Infraprojects, Magnate Industries, and Shivay Brokers. This strategic move aims to streamline operations and optimize synergies within the company's portfolio.

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Sunteck Realty reports a net loss of Rs. 27.93 crores for Q4 FY23

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