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.”
