Sunteck Realty Ltd on Monday (November 24) announced that Sunteck Lifestyles Ltd (SLL), its wholly owned step-down Dubai subsidiary, has received an order from the London Court of International Arbitration confirming the withdrawal of the claim and termination of arbitration with its joint venture partner, Grand Valley General Trading LLC.
This follows earlier disclosures from the company. On August 13, 2024, Sunteck Realty reported the settlement of disputes. Later, on December 18, 2024, it stated that the Dubai International Financial Centre Court had issued an order confirming the settlement between the parties and the withdrawal of the claim.
Second Quarter Results
Sunteck Realty Ltd reported a 41% increase in its consolidated net profit at ₹48.96 crore in the second quarter of this fiscal on higher income. Its net profit stood at ₹34.62 crore in the year-ago period.
Also Read: Sunteck Realty shares in focus after its Dubai arm adds two subsidiaries
Total income rose to ₹262.16 crore in the July-September quarter of this fiscal from ₹182.06 crore year-on-year. Sunteck Realty is one of the leading developers in the country.
Shares of the company ended at ₹414.70, down by ₹4.15, or 0.99%, on the BSE today, November 24.
Also Read: Sunteck Realty Q1 results: Profit jumps 47% and margins expand sharply, revenue drops
