Realty firm Kolte-Patil Developers declares Q4FY22 result: Highest Ever Sales Value of Rs. 1,739 crore recorded in FY22, up 45% YoY Highest Ever Mumbai Sales Value of Rs. 450 crore in FY22, up 150% YoY Highest Ever Collections of Rs. 1,574 crore in FY22, up 40% YoY Highest Ever Quarterly Collections of Rs. 500 crore in Q4 FY22, up 13% YoY Second consecutive quarter with Sales Value of over Rs. 500 crore Net Debt reduction of Rs. 179 crore during FY22 and Rs. 41 crore during Q4 FY22 FY22 sales bookings of 2.71 msf, up 30% YoY The Board has recommended a final dividend of Rs. 2 per share of the face value of Rs. 10 each for FY22 Commenting on the performance for Q4 & year ended FY22, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “FY22 marked a year of demand revival, even as intermittent disruptions were seen almost throughout the period. With sales volume of 2.71 million square feet, we closed the year in line with our stated guidance. From a sales value perspective, we recorded our best ever year - Sales Value was up 45% YoY to Rs. 1,739 crore in FY22. We have now entered FY23 on the back of the strong momentum achieved in the second half FY22. Q4 FY22 was the second consecutive quarter with sales value of over Rs. 500 crore. Compared to H1, our H2 sales value was up 57% to Rs. 1,062 crore, H2 sales volume was up 53% to 1.64 msf and H2 collections were up 41% to Rs. 921 crore. In addition to the growth in business, we are seeing higher diversification that has resulted in almost 32% of sales by value coming from Mumbai and Bengaluru. Our Mumbai portfolio has reported its best ever performance with a sales value of ~Rs. 450 crore, up 150% YoY. Verve and Vaayu have performed well and witnessed improved realisations. Mumbai portfolio is moving as per plan, and will continue to scale in the coming years with increased launches and business development activity. Pursuing our objective of risk diversification in the business, within the Pune portfolio as well, several projects are lined up for launches in the coming quarters resulting in decreasing reliance on specific locations even as Life Republic remained the top selling projects in Pune during 2021. Further, from a new business development perspective we are focussing on newer micro markets in Pune. We reduced Net Debt by Rs. 179 crore during FY22 and by Rs. 41 crore during Q4FY22. This was the third consecutive year of Net Debt reduction, with Rs. 386 crore being reduced in last three years. As on March 31, 2022 Net Debt/Equity stood at 0.14x. Further, collections were the highest ever in the Company’s three-decade history for both Q4 FY22 and FY22. Strong collections enabled us to deliver strong OCF of over Rs. 508 crore in FY22. We now look forward to expand on the platform of these achievements; our objective would be to deliver 25-30% sales value growth in FY23. We have a solid balance sheet position and remain well placed to aggressively pursue business development initiatives in FY23 and expect to conclude deals with a cumulative top line of Rs. 7,000. Further, in FY23 we are looking to launch projects in the pipeline that currently include saleable area of 5.4 million square feet with aggregate top line potential of Rs. 4,600 crore. We see a strong drive on the deliveries front and, expect more than 3 million square feet of customer handovers during FY23. Linked to project completion and deliveries would be higher revenue recognition. To sum up, we are geared up to capitalize on the industry consolidation and create newer growth records in the coming years while maintaining our financial discipline.” Result PDF
Realty firm Kolte-Patil Developers declares Q3FY22 result: Highest Quarterly Sales Value in the last seven years – Rs. 561 crore, up 77% YoY Highest Quarterly Sales Volume in the last seven years – 0.86 msf, up 56% YoY 9M FY22 Sales Value of Rs. 1,238 crore, 83% YoY 9M FY22 Mumbai Sales Value of Rs. 321 crore, up 255% YoY Net Debt reduction of Rs. 42 crore during Q3 FY22 and Rs. 138 crore during 9M FY22 Commenting on the performance for Q3 & 9M FY22, Mr. Rahul Talele, Group CEO, KoltePatil Developers Limited said, “We have hit significant sales milestones in Q3 FY22, which has been our best-ever quarter in the last seven years both in terms of sales volume and value. Sales value in the quarter at Rs. 561 crore, improved 77% YoY and 31% QoQ; while sales volumes in Q3 FY22, at 0.86 msf, improved 56% YoY and 28% QoQ. We have now achieved sales value of Rs.1,238 crore in 9M FY22, which is more than the full year sales value of Rs. 1,201 crore for FY21. Overall, our business has the momentum to end FY22 on a strong note. Sales traction has been strong across the markets of Pune, Mumbai and Bengaluru as well as across product categories. Life Republic continues to be a landmark, and has been the top selling project in the entire Pune market in CY21. During the quarter, we successfully launched R16M and R1C sectors at Life Republic. Overall at Life Republic we have sold 470 units and at Universe we have sold 264 units during Q3. Further, Equa at Wagholi launched during the end of December has witnessed a healthy response, despite the onset of the third wave. Our robust sales machinery and brand equity is getting increasing recognition not only in Pune but in Mumbai and Bengaluru as well. Our diversification story continues to play out well, with Mumbai portfolio contributing on up to 25% of total sales value. Mumbai region reported sales value of Rs. 143 crore in Q3 FY22, as against Rs. 57 crore in Q3 FY21, on the back of an uptick in Verve and sustained momentum in Vaayu. Mumbai also contributed Rs. 321 crore to Sales Value in 9M FY22, significantly higher than full year Mumbai Sales Value of Rs. 180 crore in FY21. Bengaluru also recorded sales value Rs. 30 crore in Q3 FY22, taking the contribution from projects outside Pune to ~31% during the quarter. The third wave has not impacted workforce materially so far and construction continued at a healthy pace. An improved momentum in sales, registrations, construction and CRM drove Q3 FY22 collections up 10% YoY and 13% QoQ to Rs. 421 crore. The liquidity in our business operations further strengthened, resulting in reduction of Rs. 42 crore in net debt. We have reduced our net debt by Rs.138 crore in 9M FY22. Our net debt to equity stands at 0.19 as on December 31, 2021. Going forward, KDPL is geared up to scale its operations while maintaining a strong balance sheet. We have a robust pipeline of launches for the next few quarters across our three core markets with aggregate saleable area of ~5.38 million sq.ft. and aggregate topline potential of ~Rs. 4,600 crore. Further, we are evaluating several business development opportunities in line with our aggressive growth objectives. The focus remains on creating many more performance records and enhance value for all our stakeholders.” Result PDF
Conference Call with Kolte-Patil Developers Management and Analysts on Q2FY22 Performance and Outlook. Listen to the full earnings transcript.
Financial Highlights: H1 FY22 Sales Value at Rs. 678 crore, up 89% YoY H1 FY22 Collections at Rs. 653 crore, up 114% YoY Net Debt reduction of Rs. 96 crore during H1 FY22 Q2 FY22 Sales Value at Rs. 429 crore, up 121% YoY and 73% QoQ Q2 FY22 Collections at Rs. 374 crore, up 86% YoY and 34% QoQ Commenting on the performance for Q2 & H2 FY22, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “We are pleased to report that in the first half of FY22, our sales grew 89% by value to Rs. 678 crore and 60% by volume to 1.07 msf. During the same period, collections increased by 114% YoY to Rs. 653 crore and realisations expanded by 17% to Rs. 6,312 per square foot. Q2 FY22 saw further acceleration across key parameters with sales value up 121% YoY and 73% QoQ to Rs. 429 crore and sales volume up 92% YoY and 68% QoQ to 0.67 msf. Demand remains strong across product segments and through the three geographies of Pune, Bengaluru and Mumbai. Our diversification story continues to play out well, with Mumbai portfolio contribution up to 26% of total sales value. Mumbai region reported sales value of Rs. 113 crore, as against Rs. 15.5 crore in Q2 FY21, on the back of an uptick in traction at Verve (Goregaon) and sustained momentum at Vaayu (Dahisar). As a result, within first half itself, we have matched the last full year’s Mumbai sales value number of Rs. 180 crore. Bengaluru also recorded sales value Rs. 35 crore in Q2, taking the contribution from projects outside Pune to 35% during the quarter. Construction continued at a healthy pace. An improved momentum in sales, registrations, construction and CRM drove Q2 FY22 collections up 86% YoY and 34% QoQ to Rs. 374 crore. The liquidity in our business operations remains strong, resulting in further reduction of Rs. 67 crore in net debt. We have reduced our net debt by Rs.96 crore in the first half of this year. Our net debt to equity stands at 0.23 as on September 30, 2021. Residential sector performance continues to witness an improvement on the back of India’s resilient economic performance coming out of the second wave and we now see the structural theme around the value of owning a home being reinforced. Historically, we have delivered improved performance in the second half of the financial year, compared to the first half, and we expect a similar trend once again to end FY22 on a strong note. We have a comprehensive project portfolio across the three cities of our presence and are gearing up to leverage our improved brand salience, strong operating ecosystem and balance sheet to grow sustainably in the coming years.” Result PDF