Kolte-Patil Developers Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for KOLTEPATIL, BSE:532924 Kolte-Patil Developers Ltd.

Kolte-Patil Developers Ltd.

12 Nov 2019

390.40

1.05%

Kolte Patil Developers (2QFY20): Weak pre-sales a dampener. Maintain BUY

Buy: Kolte-Patil Developers Ltd.

Target

HDFC Securities

Despite weak sectoral headwinds and entry of other organized players like Godrej in Pune market, KPDL is continuing to hold its influence in home market of Pune. To drive profitability, KPDL has built 1mn sqft of project pipeline for Mumbai. Absence of new launches in 2HFY20 remains a key dampener. We expect KPDL to bounce back as real estate recovery pans out. We derive comfort from large part of KPDL portfolio being affordable. We remain constructive and maintain BUY. Key Risks: (1) Aggressive competition, (2) High interest rates and (3) Debt bloat up. KPDL financial performance under POCM was in line with our estimates. Despite this, weak pre-sales was a key dampener. Robust collections and stable debt are key positives. We maintain BUY with SOTP of Rs 313/sh.

Kolte-Patil Developers Ltd. is trading below its 50 day SMA of 406.1

Kolte-Patil Developers Ltd.

07 Aug 2019

390.40

1.05%

Kolte Patil Developers (1QFY20): Well placed. Maintain BUY

Buy: Kolte-Patil Developers Ltd.

HDFC Securities

KPDL has shown resilience in face of sectoral headwinds. Subvention schemes are about Rs 800mn in value and not material. Launch pipeline in Pune looks strong, Mumbai projects are closing in on approvals, debt repayment is playing out and stake consolidation is adding to cashflows. KPDL is in sweet spot with near dominance in Pune market and strong project pipeline in Mumbai. We remain constructive and maintain BUY. Key Risks: (1) Aggressive competition, (2) High interest rates and (3) Debt bloat up. KPDL financial performance under POCM was below our estimates. Despite this strong pre-sales, robust collections and debt reduction are key positives. We maintain BUY with SOTP based TP of Rs 311/sh.

Kolte-Patil Developers Ltd. is trading above its 30 day SMA of 389.5

Kolte-Patil Developers Ltd.

30 May 2019

390.40

1.05%

Kolte Patil Developers (4QFY19): Holding steady. Maintain BUY

Buy: Kolte-Patil Developers Ltd.

Target

HDFC Securities

KPDL has a strong brand recall in Pune. Despite new entrants launching (eg. around Life Republic) and other financially sound brands entering its home turf, it has demonstrated decent sales velocity in FY19. Management expects the momentum to continue (and guided for 18-20% YoY growth) and will focus more on volumes (in tune with peers) as price is expected to remain sticky. We remain constructive and maintain BUY. Key Risks: (1) Aggressive competition by peers, (2) High interest rates and (3) Further debt bloat up. We maintain BUY with SOTP based TP of Rs 311/sh. We have cut our FY20/21E EPS by 25.4/14.0% to factor in a delay in projects moving into revenue recognition under IND AS 115.

Kolte-Patil Developers Ltd. is trading below its 50 day SMA of 406.1

Kolte-Patil Developers Ltd.

31 Jan 2019

390.40

1.05%

Kolte Patil Developers (3QFY19): Pre-sales momentum continues. Maintain BUY

Buy: Kolte-Patil Developers Ltd.

HDFC Securities

We maintain BUY with a NAV based TP of Rs 314/sh. Adjusting for IND AS 115 effects (Revenue/APAT is lower by Rs 2.1/0.5bn vs. POCM), 3QFY19 Revenue/EBITDA/ PAT beat/(miss) stood (19.3)/5.2/(31.5)% vs. our est. High share of affordable Ivy Estate (38% vs 16/14% YoY/QoQ) and Life Republic (~25% share in volume) brought down pre-sales realization to Rs 5,196/sqft.

Kolte-Patil Develope.. has an average target of 488.00 from 1 broker.

Kolte-Patil Developers Ltd.

29 Oct 2018

390.40

1.05%

Kolte Patil Developers (2QFY19): Robust pre-sales to drive re-rating. Maintain BUY

Buy: Kolte-Patil Developers Ltd.

Recommendation Target

HDFC Securities

We maintain BUY with a NAV based TP of 314/sh. Due to IND AS 115, 2QFY19 revenue of Rs 2.1bn is lower by Rs 419.8mn (higher by Rs 693.6bn for 1HFY19). Revenue de-grew 7% YoY after adjustment for Wakad land sale and came in at 31% below estimate. High share of MIG/ Township (32/55%) bought down realizations to Rs 5,223/sqft.

Kolte-Patil Developers Ltd. is trading below its 50 day SMA of 406.1

Kolte-Patil Developers Ltd.

18 Aug 2018

390.40

1.05%

Kolte Patil Developers (1QFY19): Launches to drive momentum. Maintain NEUTRAL

Neutral: Kolte-Patil Developers Ltd.

HDFC Securities

Due to limited upside we maintain NEU with a NAV based TP of 315/sh. Kolte Patil Developers Ltd. (KPDL) had to adjust Rs 2.2bn (net) in retained earnings on transition to IND AS 115. 1QFY19 Revenue came in at Rs 3.9bn (+43.3 YoY, +78.9% QoQ). Due to IND AS 115, revenue is higher by Rs 1.1bn. Pre-Sales were majorly driven by Stargaze, Ivy Estate, Life Republic, Downtown and Bengaluru projects.

Kolte-Patil Develope.. has an average target of 488.00 from 1 broker.

Kolte-Patil Developers Ltd.

24 May 2018

390.40

1.05%

Kolte Patil Developers (4QFY18): Recovery priced in. Maintain NEUTRAL

Neutral: Kolte-Patil Developers Ltd.

Recommendation Target

HDFC Securities

We maintain NEU with a NAV based TP of 315/sh. Kolte Patil Developers Ltd. (KPDL) delivered strong 4QFY18 revenue growth of 43.3% YoY. FY18 revenue was Rs12.2bn (+26.5%) driven by first time recognition in R1 sector of Life Republic; Western Avenue, Ivy Estate and Mumbai projects.

Kolte-Patil Developers Ltd. is trading above its 30 day SMA of 389.5

Kolte-Patil Developers Ltd.

15 Feb 2018

390.40

1.05%

Kolte Patil Developers (3QFY18): Strong show. Maintain SELL

Sell: Kolte-Patil Developers Ltd.

Recommendation Target

HDFC Securities

We maintain SELL on KPDL with NAV based TP to Rs 312/sh. Kolte Patil Developers Ltd. (KPDL) delivered strong 3QFY18 revenue growth of 17.8% YoY, lead by year end sales promotions in key projects viz. Life Republic, Ivy Estate, Western Avenue & Downtown. KPDL has achieved 0.6mn sqft of pre-sales during 3QFY18 and guided for sustaining the pre-sales momentum in Q4FY18E.

Kolte-Patil Developers Ltd. is trading below its 50 day SMA of 406.1

Kolte-Patil Developers Ltd.

07 Nov 2017

390.40

1.05%

Kolte Patil Developers (2QFY18): Resilient show. Maintain NEUTRAL

Neutral: Kolte-Patil Developers Ltd.

Recommendation Target

HDFC Securities

We maintain NEU, increase NAV-based TP to Rs 253/sh (vs Rs 195/sh earlier) Aided by the revenue mix tilting towards high-margin projects, Kolte Patil Developers Ltd (KPDL) delivered strong EBIDTA margin of 31.2%(+593bps YoY). This led to 53.2% APAT. KPDLs pre-sales rebounded 44% QoQ to 0.59mn sqft, in-line with the last 12 quarters average run-rate of 0.58mn sqft. We have excluded the Wakad land sale consideration of Rs 1.6bn from revenue and costs. KPDL received Rs 0.4bn and the balance Rs 1.2bn was used for the repayment of structured loans availed for the Wakad land purchase. Hence, no meaningful debt reduction is reflected in the BS.

Kolte-Patil Develope.. has an average target of 488.00 from 1 broker.

Kolte-Patil Developers Ltd.

07 Jun 2017

390.40

1.05%

Kolte Patil Developers (4QFY17): Strong recovery. Upgrade to BUY

Buy: Kolte-Patil Developers Ltd.

Target

HDFC Securities

Kolte Patil Developers Ltd. (KPDL) delivered strong 4QFY17 revenue growth of 62.5% YoY. Outperformance was led by Life Republic, Mirabillis and Corolla projects. The impact of demonetization seems to be largely behind with KPDL pre-sales rebounding 72% QoQ to 0.55mn sqft (last 12 quarters average run-rate).

Kolte-Patil Developers Ltd. is trading below its 50 day SMA of 406.1

Is Kolte-Patil Developers Ltd. worth buying?

87 Votes:

Buy 78.16%

Sell 12.64%

Hold 9.2%

RESEARCH REPORTS

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