Realty company Kolte-Patil Developers announced Q2FY23 results: Q2FY23 & H1FY23: Sales value of Rs 812 crore in H1FY23, up 20% YoY Sales value for projects in Mumbai was at Rs 184 crore in H1FY23 H1FY23 collection at Rs 878 crore, up 34% YoY Net Debt to Equity stood at 0.26 as on 30th September 2022 Q2FY23 Sales value at Rs 367 crore Q2FY23 Collections at Rs 404 crore Commenting on the performance for Q2 & H1 FY23, Mr. Rahul Talele, Group CEO, KoltePatil Developers Limited said, “It is encouraging to observe the revival in the housing market across key geographies and demand segments. Residential sector performance continues to witness ongoing improvement and despite the rise in mortgage rates, affordability of home ownership remains high. During the first half of the financial year, we delivered strong 20% growth in sales booking value of Rs 812 crore; underlying sales volumes expanded by 9%. Importantly, realizations continued to improve during H1FY23, up 10% YoY, driven by contribution from across projects. Strong execution capabilities demonstrated by our teams across projects translated into firm collections that improved in H1 by 34% YoY to Rs 878 crore; Q2 collections were higher by 8% YoY. Our business diversification strategy remains on-track with projects outside Pune contributing 27% of Sales Value during H1FY23. Prudent investment and strategic partnerships enable us to deliver on our growth plans. In a recent development, KPDL undertook strategic land monetization for a portion of its project ‘Little Earth’ Kiwale, for ~Rs. 78 crore. As a part of this deal, KPDL will jointly develop ~0.65 mn sq. ft with Planet Smart City; third project under the platform created to develop smart aspirational housing units. In addition, to further our business development agenda, we have received an approval from the Board today for issuing redeemable Non-Convertible Debentures (“Debentures”) on a private placement basis, aggregating upto Rs 206.50 crore. While we see accelerating momentum on key operating aspects of the business in the second half of the year, Q2 has been slower due to some shifts in scheduled launch timelines that are likely to be announced over the next few weeks and through the course of the rest of the current financial year. As indicated earlier, existing projects, our judicious business development initiatives and scheduled launches that have an aggregate topline potential of ~ Rs. 7,710 crore/development potential of ~11.25 mn. sq. ft. are on track. KPDL continues to benefit from the buoyant housing demand especially in the post RERA-led consolidation world attracting a greater share of customer engagement. Strong brand recall, best-in class living space and strong execution capabilities position us well in our ability to drive growth, deliver on targets and create long-term value.” Result PDF
Realty firm Kolte-Patil Developers announced Q1FY23 Result : Sales Value of Rs. 4,447 million in Q1FY23, up 79% YoY Mumbai Sales Value of Rs. 1,158 million in Q1FY23, up 81% YoY Quarterly Collections of Rs. 4,741 million in Q1FY23, up 70% YoY Improved realizations by 16% and 13% YoY and QoQ respectively Q1FY23 sales bookings of 0.61 msf, up 53% YoY Commenting on the performance for Q1 FY2023, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “We have entered FY23 carrying the momentum of the previous year that saw Kolte-Patil deliver in line with our stated pre-sales guidance in a weak operating environment largely on the back of a sustenance projects based portfolio. During Q1 FY23, on the operational front, the company's sales bookings stood at 0.61 million square feet with a value of Rs. 445 crore, a growth of 53% in volume and 79% in value compared to Q1 FY22. Along with sales bookings, project execution activity remained strong and collections from customers increased to Rs. 474 crore during the quarter compared to Rs. 279 crore in Q1 of the preceding year, a growth of 70%. Price realization has seen a significant jump based on several factors – including higher realizations in ongoing sales from projects across the board, increasing realization from sales in our Pune-based inventory and strong sales momentum in Mumbai. This has led to an improvement in APR from Rs. 6,418 per square feet in Q4 FY22 to Rs. 7,260 per square feet in Q1 FY23. We now expect to deliver 25-30% sales growth by value in FY23. We have a pipeline of projects lined up for launch in the coming months, across Pune, Mumbai and Bengaluru with aggregate saleable area of 8.95 million square feet and topline potential of ~ Rs. 6,300 crore. Additionally, we remain focused on meeting our Rs. 7,000 crore business development target for the current financial year. As a part of this plan, we continue to evaluate opportunities such as the acquisition of Pune-based Sampada Realties announced yesterday. This particular transaction provides a revenue opportunity of Rs. 1,400 crore at Kiwale in Pune, with all regulatory approvals in place and we expect to start launching in phases in the coming quarter. We will continue to add more projects to our portfolio by leveraging our market visibility and balance sheet position for growth. Today, with the residential real estate segment is in a structural upcycle, we expect the demand momentum to continue for the next three to five years and we are positioning our organizational resources accordingly. Despite the rise in interest rates, affordability is still at its best backed by strong wage growth trends and limited price growth. The underlying structural drivers of demand remain strong and customers continue to favor developers and projects that provide the comfort of reliability, credibility and a strong track record. To summarize, Kolte-Patil has a long legacy of strong customer relationships and now with the growing framework of new projects in our network, we are confident in our ability to drive growth, deliver on targets and deliver long-term value for all stakeholders." Result PDF
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