Shares of Sunteck Realty rallied as much as 8.5 percent to its day's high of Rs 378.40 on the BSE on Tuesday after the firm reported a 74 percent YoY rise in bookings at Rs 176 crore for the June quarter.

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The rise in bookings was led by the performance of its mid-income and affordable housing projects. In 2020-21, the developer recorded the highest-ever collections at Rs 780 crore, while reporting bookings worth Rs 1,022 crore, the company said in a quarterly update.

Collections for the quarter also grew 165 percent from a year ago to Rs 172 crore, the regulatory filing added. The company’s collection efficiency improved to 98 percent of pre-sales during the quarter as against 64 percent a year ago.

Commenting on the Q1FY22 operational performance, Kamal Khetan, Chairman and Managing Director, Sunteck Realty said, “In the quarter gone by, we continued our strong momentum in operational performance. Both pre-sales and collections witnessed sturdy growth along with high collections efficiency. The industry consolidation is leading to a rise in the share of business for organised developers and Sunteck will be one of the biggest beneficiaries of this trend.”

Going forward, Khetan expects to leverage the brand franchise and management expertise to evaluate new growth opportunities and thereby continue to increase the overall market share.

"A key to our strong operational performance is being a dominant developer in each of the micro markets and housing segments we are operating. Additionally, the focus on our core strength of sales and marketing and in-house construction capabilities will enable us to sustain this strong pre-sales and collections trend going forward,” he added.