Transcripts
Sunteck Realty Limited's management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Q1 FY2025 Earnings Call — Q1 FY2025
The original Dubai economics, plus the most useful challenges to cash flow and multi-year growth guidance. · Open the full transcript →
The first detailed Dubai unit economics: initial equity, build cost and reliance on presales.
Puneet Gulati (HSBC); Kamal Khetan (Chairman and Managing Director): Puneet Gulati: Thank you so much and congratulations on good pre-sales momentum and also on the new project. Can you help me understand the broad economics of the Dubai project? How much would it cost you to build? And how would the money flow in from India to Dubai and back from Dubai to India? Is there any tax implication we will need to be ready with? Thank you.
Kamal Khetan: So, this project is in 100% subsidiary of Sunteck. We have invested close to approximately just Rs. 250 crores, so it is a quite asset-light model. And the project is obviously, I have said in my opening remarks, is in the heart of Downtown in the Burj Khalifa community near Dubai Mall. And so, most of the money obviously will come from the pre-sale. Just for maybe a little bit more investment in the beginning, and no incremental investments we are looking at them, very clear. Some small money for the launches and all which may be required, which may go from India, which will be negligible with respect to the size of the project. And cost, obviously, the cost of the project is around Rs. 2,000 crores. And which should, most of it should come from the pre-sales. And we all know the Dubai market is doing extremely crazy well, on the launches the projects are getting sold almost to the 100%, tune of. And being this project in the heart of the, once again at the cost of repetition, heart of the Downtown, next to Dubai Mall, we do not see any problem there.
Puneet Gulati: So Rs. 9,000 crores GDV, Rs. 2,000 crores construction cost. And from that, we should look at your share at 50%.
Kamal Khetan: Yes.
p. 4 · Read in context →
Existing multi-year projects fund near-term growth; Dubai and Nepean Sea were framed as upside, not necessities.
Sarang Gupta (Briarwood Capital); Kamal Khetan (Chairman and Managing Director): Sarang Gupta: Basically, you are saying in FY '25 you get 30%, 35% growth from your existing portfolio, just launching new inventories there. And then next year you will have the impact of launch of Burj Khalifa and Nepean Sea Road which is Rs. 9,000 crores of total GDV. And so, then that will help you continue this growth into the next two years essentially?
Kamal Khetan: Yes. I think that growth will be, in fact, ideally it should be more than that. And plus there is many more projects of which already acquisition has been done but it has not been added to the GDV value. So, to give you one more example, let's say, Borivali, ESKAY Resorts, which is also there. Plus there is a Bandstand which is there, plus there are few more projects which we are contemplating, which I do not want to disclose before we complete the transaction, three-four projects which are sizable projects and which we would like to, as soon as we close those transactions, we would like to disclose it to the market.
Sarang Gupta: And maybe just last question from my side is how, both Dubai and Nepean Sea kind of large projects in terms of year one pre-sales, you think when we launch them in FY '26, that will be a big boost to your annual sales? Like how do you think about sales expectations at Dubai?
Kamal Khetan: So, we want to be conservative when we are giving our guidance which we have maintained at 30%, 35%. We all know if, obviously, the launches in Nepean Sea Road and Dubai looking at the current status of the market. Obviously, we may achieve much more than 30%, 35%. But we do not want to over-commit and then under-deliver. We are very clear on that.
p. 8 · Read in context →
Q4 and FY2023 Earnings Call — Q4 FY2023
The clearest explanation of Sunteck's large-project growth engines, segment ladder and commercial monetization choices. · Open the full transcript →
Why commercial assets became a second engine alongside residential development.
Kamal Khetan (Chairman and Managing Director): Along with residential, we are also now focusing on building a rental portfolio from our commercial projects and to mention we have already pre-leased the entire project of Sunteck BKC51 at BKC Junction for lease tenure of 29 years. Similarly, we are looking to prelease our second project also at BKC Junction, namely Sunteck Icon.
p. 4 · Read in context →
Q4 and FY2022 Earnings Call — Q4 FY2022
The essential bridge from project cash economics to reported earnings, plus funding, segmentation and competition. · Open the full transcript →
The portfolio is deliberately branded across uber-luxury, mid-income and affordable segments.
Biplab Debbarma (Antique Stock Broking); Kamal Khetan (Chairman and Managing Director): Biplab Debbarma: You have mentioned about FY23 adding 23 million square feet in acquisition. You are still actively looking for acquisition. Just wondering if you can give some insights, like if I see barring one project in Borivali, I believe all the projects are in the peripherals above. We can say affordable space maybe, not Vasai. Vasai is not kind of affordable still. It is in the peripheral suburb and outskirts. So, is it a conscious strategy? I'm just trying to understand or is it just opportunistic? You can do even in a premium or this is a part of your strategy 3.0 that you would be mainly looking into affordable in mid-income.
Kamal Khetan: No, not at all. In fact, that's the reason we have created a brand across the spectrum. Separate branding for high income, uber luxury and separate branding for mid-income, separate branding for affordable. So, we are very clear and conscious that across all the segments we have to grow and we continue to. As you see, we have added one Nepean Sea Road project last year to last year, I believe in the uber luxury segment and we continuously scout for more projects. That' not that's the only project we have acquired. We are scouting for it and we are confident we will be at doing some new announcement very soon. Same as mid-income you saw that we did SK Resorts at Borivali; I think Vasai which is on the beach front is again in the mid-income segment. So, we are going in mid-income as well. So, again affordable obviously we have done lot you know that and obviously we got some good opportunities, so we didn't want it to, it is what so tempting. We didn't want it to miss these opportunities.
p. 7 · Read in context →
More calls
Q3 and 9M FY2026 Earnings Call — Q3 FY2026 · 12 pages · Go here for the pre-war Dubai launch plan and the economics of FY2026's three-project acquisition push. · Open →
Q2 and H1 FY2026 Earnings Call — Q2 FY2026 · 9 pages · The clearest midyear account of accelerating business-development spend while holding leverage near zero. · Open →
Q1 FY2026 Earnings Call — Q1 FY2026 · 7 pages · Useful for the FY2026 launch slate and why collections were expected to trail new-launch presales temporarily. · Open →
Q4 and FY2025 Earnings Call — Q4 FY2025 · 7 pages · Shows the first full-year impact of the luxury mix shift and management's preference for velocity over price hikes. · Open →
Q3 and 9M FY2025 Earnings Call — Q3 FY2025 · 9 pages · The place to see Nepean Sea Road enter presales and the second parcel lift the project's disclosed GDV. · Open →
Q4 and FY2024 Earnings Call — Q4 FY2024 · 10 pages · Management explains how surplus cash would be split between high-return acquisitions and commercial annuity assets. · Open →
Q3 FY2024 Earnings Call — Q3 FY2024 · 12 pages · The clearest early framing of the annuity-income buildout at BKC and Oshiwara alongside GDV expansion. · Open →
Q3 and 9M FY2023 Earnings Call — Q3 FY2023 · 10 pages · Worth reading for launch-approval risk and the landlord-loan mechanism used to fund project approvals. · Open →