Kolte-Patil Developers Ltd. News, Corporate filings and Earnings/Conference Calls

Realty company Kolte-Patil Developers announced Q1FY24 results: Q1FY24 sales value at Rs 701 crore, up 58% YoY Q1FY24 sales volumes at 0.93 million sq. ft., up 52% YoY Third consecutive quarter with a sales value of over Rs 700 crore Q1FY24 revenues at Rs 571 crore; up 185% YoY Q1FY24 EBITDA at Rs 91 crore; up 94% YoY Q1FY24 net profit at Rs 46 crore; up 116% YoY Net debt to equity as on June 30, 2023, stands at 0.02x Commenting on the performance for Q1FY24, Rahul Talele, Group CEO, Kolte-Patil Developers said, “I am pleased to report that in the first quarter of the current financial year, we have continued to build on the record performance delivered in FY23. We have seen a deeper customer engagement across projects, resulting in the key operating metrics showing solid expansion. New area sales at 0.93 million square feet were up 52% YoY and sales value expanded by 58% YoY to Rs 701 crore, supported by an increase of 4% in average realizations to Rs 7,545 per square foot. Robust execution and deliveries resulted in strong collections at Rs 513 crore in Q1, up 8% YoY, and firm revenues at Rs 571 crore. We reported EBITDA margins of 16% for Q1FY24. Our project launches are on track. We have already launched 2.73 million square feet in the current financial year including 1.52 million square feet across three projects in Baner, Pimple Nilakh, and Life Republic under the 24K brand that addresses the premium luxury segment. Business development traction has been strong. So far, in FY24 we have acquired projects with top-line potential of ~ Rs 3,450 crore. These include four projects in diverse micro-markets across the Mumbai Metropolitan Region (MMR) and two projects in Pune. We continue to assess business development opportunities in our targeted markets and look to expand further on the back of innovative and capital-efficient growth engagements. The country’s economic prospects, improving lifestyles, and hybrid work formats now prevalent in corporate India, have been driving residential demand, especially for larger homes. Going forward, we continue to see the several macro initiatives undertaken by the government translating into improved affordability parameters for the increasingly discerning homebuyer. We believe that Kolte-Patil is well positioned to benefit from these transitions with its strong brand deeply associated with trust and customer connection across the three geographies of Pune, Mumbai, and Bengaluru. With the trend of consolidation and formalization, buyers are turning to quality developers and we look forward to delivering value across the entire ecosystem of stakeholders.” Result PDF

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Kolte-Patil Developers Ltd. News, Corporate filings and Earnings/Conference Calls

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