Kolte-Patil Developers slumps after reporting loss of Rs 28 crore in Q3

Kolte-Patil Developers tumbled 4.27% to Rs 265.60 after the company reported a consolidated net loss of Rs 28.10 crore in Q3 FY23 as against a net profit of Rs 7.11 crore in Q3 FY22.

Revenue from operations increased by 53% YoY to Rs 368.08 crore during the quarter.

Total expenses jumped by 84% to Rs 411.22 crore in Q3 FY23 from Rs 224.04 crore in Q3 FY22, due to higher cost of services, construction and land (up 93% YoY) and higher other expenses (up 99% YoY).

The company posted a pre-tax loss of Rs 37.17 crore in the third quarter as compared with a pre-tax profit of Rs 12.92 crore recorded in the same period last year.

Taxes written back for the period under review amounted to Rs 9.07 crore. Tax outgo in Q3 FY22 was Rs 5.81 crore.

The Kolte-Patil Developers group is one of the largest residential real estate developers in Pune. The company has a healthy project portfolio of affordable and mid-income, and luxury residential segments through its brands, Kolte-Patil and 24K, respectively, and is expanding its presence in Bengaluru and Mumbai. The group has developed around 23 million square feet of projects, and currently has 25 ongoing projects comprising around 13 million square feet.

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