New Delhi: Mumbai-based Sunteck Realty’s rating for long term bank facilities have been revised from ‘Stable’ to ‘Negative” by CARE rating Ltd (CARE).
The company’s long term bank facilities (term loan) of Rs 516 crore has now been rated as ‘CARE AA-, Negative’. Its long term bank facilities (fund based) of Rs 533 crore has now been rated as ‘CARE AA-, Negative’.
“The revision in the outlook from “Stable” to “Negative” reflects expected moderation in the credit risk profile of entities involved in the real estate development owing to the ongoing lockdown in the country implemented by the central government towards containment of COVID-19,” the company said in a regulatory filing.
Sunteck Realty’s short term bank facilities (non-fund based) of Rs 10 crore has been now been rated as ‘CARE A1+, Reaffirmed’. Its commercial papers of Rs 100 crore has been now been rated as ‘CARE A1+, Reaffirmed’. .
Company net profit dropped 31 percent to Rs 33.64 crore in the third quarter of 2019-20 fiscal as against Rs 49 crore in the same quarter of the previous fiscal.
The total income of the company stood at 199.34 crore in the third quarter of the 2019-20 fiscal as against to Rs 201.66 crore in the same quarter of the previous fiscal.