Realty firm Kolte-Patil Developers announced Q3FY23 results: Q3FY23 & 9MFY23: Reported highest-ever quarterly pre-sales numbers by value and volume in Q3FY23. Launched ~2 mn. sq. ft. of inventory across 6 projects in Pune and Mumbai. New launches contributed ~57% to the pre-sales value for the quarter. KPDL’s flagship project, Life Republic, crossed the half million mark to record volumes of 6.62 lakh sq. ft., the highest-ever in any one quarter. Achieved sales value of Rs 1,528 crore during 9M FY23, up 23% YoY, from ongoing as well as new launches. Achieved sales volume of 2.30 million sq. ft. in 9MFY23, up 19% YoY. KPDL’s flagship project, Life Republic, recorded volumes of 1.1 mn. sq. ft for 9MFY23. Sales contribution from projects outside Pune stood at 21% during 9MFY23. Collections grew by 22% during 9MFY23 to Rs 1,313 crore supported by - Efficient lifecycle of registrations, sales, construction and robust CRM systems. The company, through its wholly owned subsidiary Sampada Realities Private Ltd., entered into an agreement with Planet Smart City, for strategic land monetization of a portion of its project ‘Little Earth’ at Kiwale, Pune, for ~Rs 78 crore, for joint development of ~0.65 mn sq.ft. Entered an agreement with Marubeni Corporation (Japan) during the quarter. Marubeni will invest Rs 206.5 crore in the company’s Pimple Nilakh residential project and will be entitled to ~ 2.85 lakh sq. ft. of saleable area in the project. During the quarter, CRISIL Ratings re-affirmed the ratings of the company’s long-term bank loan facilities as A+/Stable, short-term bank loan facilities as A1 and rated non-convertible debentures as A+/Stable. Commenting on the update, Rahul Talele, Group CEO, Kolte-Patil Developers Limited, said, “I am happy to report highest-ever quarterly pre-sales of Rs 716 crore, marking a growth of 95% QoQ and 28% YoY. This growth has been achieved on the back of firm realizations and highest-ever quarterly sales volumes which improved 102% QoQ and 31% YoY. Our performance in Q3 was marked by significant contributions from new launches and continued momentum of customer traction in our existing, sustenance phase projects. It is heartening to see the overwhelming response that we received for new project launches that contributed ~57% to the pre-sales numbers for the quarter. This keeps us on track to deliver 30% growth in pre-sales for FY23. In an important milestone at our flagship project, Life Republic, we crossed the 1 million mark in volumes during 9MFY23 and for Q3FY23 we recorded sales volumes of 6.62 lakh sq.ft., the highest-ever in any one quarter. Housing demand has been resilient across key markets, backed by improved affordability parameters from the longer-term perspective and persistence of flexible, hybrid work formats. With increased consolidation and formalization of the sector, buyers and land owners are turning to quality developers and Kolte-Patil is well positioned to capitalize on the opportunities with focus on delivering value across the entire ecosystem of stakeholders.” Result PDF
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