Kolte-Patil Developers gains after Q1 business update

Kolte-Patil Developers rose 2.39% to Rs 262.95 after the real estate company's sales volume increased by 53% to 0.61 million square feet (sq.ft.) in Q1 FY23 from 0.40 million sq.ft. in Q1 FY22.

Sequentially, the sales volume has decreased by 22% last quarter from 0.78 million sq. ft. in Q4 FY22.

The sales value was Rs 445 crore in Q1 FY23, up 79% year on year (YoY), but down 11% quarter on quarter (QoQ).

Realization was Rs 7,260 per sq. ft. in Q1 FY23, up 16% YoY and up 13% QoQ. Collections jumped 70% year on year to Rs 474 crore in Q1 FY23, but decreased by 5% sequentially. Strong focus on sales, registrations, construction and CRM has enabled strong collections on an ongoing basis, the company said.

Rahul Talele, Group CEO of Kolte-Patil Developers, said, With positive traction in volumes and substantial contributions from a range of projects across locations in Pune, Mumbai and Bengaluru, we are well poised to deliver solid growth during the current year. This will be supported by sustenance sales traction in current projects as well as several new launches that are planned over the next few months.

Our eyes are set on achieving several performance milestones in FY23 on business development, launches and deliveries front. From a conducive framework of a strong brand, customer visibility, execution track record and a robust financial position, we are confident of delivering on our growth objectives to create sustained value for all stakeholders.

Kolte-Patil Developers is a real estate company with a dominant presence in the Pune residential market, and a growing presence in Mumbai and Bengaluru. The company has developed and constructed over 50 protects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of approximately 20 million square feet.

The company reported 28.6% rise in consolidated net profit to Rs 26.82 crore on a 27% increase in net sales to Rs 376.07 crore in Q4 FY22 over Q4 FY21.

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