Sunteck Realty: Q1 loss, subsidiary amalgamation plan

11 Aug 2023 CW Team

Sunteck Realty has unveiled its financial results for the first quarter of fiscal year 2024, revealing a consolidated net loss of $67.3 million, a departure from the net consolidated profit recorded in the corresponding quarter of the previous fiscal year. During the quarter ended June 30, 2023, the company's financial performance reported a dip from the $2249.4 million net consolidated profit after tax achieved in the same period last year, as per its BSE filing.

The company's net consolidated total income for Q1 FY24 amounted to $884.1 million, reflecting a decrease of 40.55% compared to the $1487.1 million recorded in the similar quarter of the previous year.

In a strategic move, the board of directors has granted approval for the scheme of amalgamation of four wholly-owned subsidiaries, namely Skystar Buildcon, Advaith Infraprojects, Magnate Industries, and Shivay Brokers, with the holding company. This initiative seeks to streamline and optimise the company's corporate structure and operations.

While the first quarter financial results indicate a temporary setback for Sunteck Realty, the company's decision to merge its subsidiaries underscores its commitment to enhancing operational efficiency and long-term growth prospects.

Real Estate

08 Oct 2025

LML Industrial Park Secures PADMA Approval

LML Realty announced that its upcoming Industrial Park has been accredited under Haryana’s PADMA Scheme, providing MSMEs and startups access to incentives worth over Rs 2 crore per enterprise. The park aligns with the Make in India initiative and offers affordable 500 sq yard plots starting at Rs 75 lakh, combined with robust financial and innovation support. Strategically located on NH-248 (Sohna–Alwar Highway), with connectivity to the Delhi–Mumbai Expressway, Gurugram, Faridabad, and IGI Airport, the park features sector-neutral clusters, plug-and-play units, exhibition spaces, a..

Alliance City Launches Sea Breeze, Mumbai’s Luxury Custom Residences

Alliance City has unveiled Sea Breeze, a premium residential development in Santacruz West, setting a new benchmark in luxury living with fully customisable 4BHK Palace Residences. The project uses advanced aluminium formwork technology, allowing precise architectural detailing, smoother finishes without plastering, faster construction, and enhanced earthquake resistance. The reusable panels reduce construction waste, supporting sustainability goals. Founder Ankita Luharukha said, “Luxury is not just space; it’s precision, quality, and homes tailored to modern families. Sea Breez..

Aemetis, Praj Partner On Rs 2.5 Billion Low-Carbon Upgrade

Aemetis Inc. is advancing its decarbonisation strategy at its 65-million-gallon-per-year ethanol facility in Keyes, California, through a Rs 2.5 billion ($30 million) energy efficiency upgrade featuring a Mechanical Vapour Recompression (MVR) system. The advanced low-carbon technology and key components for the system are being supplied by Praj Industries, while NPL Construction Co., a subsidiary of Centuri Holdings Inc. (NYSE: CTRI), is overseeing project execution and implementation.Operational since 2011, the Aemetis Advanced Fuels Keyes plant utilises Praj’s ethanol technology and has co..