Kolte-Patil Developers Ltd Q2 loss at Rs. 21.87 crore

KOLTE-PATIL DEVELOPERS LTD. has reported financial results for the period ended September 30, 2020.

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.67.43 crores during the period ended September 30, 2020 as compared to Rs.143.99 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.(21.87) crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.(26.98) crores for the period ended June 30, 2020.

The company has reported EPS of Rs.(2.88) for the period ended September 30, 2020 as compared to Rs.(3.56) for the period ended June 30, 2020.

Financials	Q2 FY20-21	Q1 FY20-21	% Change
Total Income	₹ 67.43 crs	₹ 143.99 crs	-53.17%
Net Profit	₹ (21.87) crs	₹ (26.98) crs	-18.94%
EPS	₹ (2.88)	₹ (3.56)	-19.1%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.67.43 crores during the period ended September 30, 2020 as compared to Rs.195.32 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.(21.87) crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.(13.97) crores for the period ended September 30, 2019.

The company has reported EPS of Rs.(2.88) for the period ended September 30, 2020 as compared to Rs.(1.84) for the period ended September 30, 2019.

Financials	Q2 FY20-21	Q2 FY19-20	% Change
Total Income	₹ 67.43 crs	₹ 195.32 crs	-65.48%
Net Profit	₹ (21.87) crs	₹ (13.97) crs	56.55%
EPS	₹ (2.88)	₹ (1.84)	56.52%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.211.42 crores during the 6 months period ended September 30, 2020 as compared to Rs.811.20 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.(48.85) crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.101.91 crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.(6.43) for the 6 months period ended September 30, 2020 as compared to Rs.13.38 for the 6 months period ended September 30, 2019.

Financials	Half-Year Ended FY20-21	Half-Year Ended FY19-20	% Change
Total Income	₹ 211.42 crs	₹ 811.20 crs	-73.94%
Net Profit	₹ (48.85) crs	₹ 101.91 crs	-147.93%
EPS	₹ (6.43)	₹13.38	-148.06%

Commenting on the performance for Q2 & H1 FY21, Mr. Gopal Sarda, Group CEO, KoltePatil Developers Limited said, "We are happy to report an encouraging improvement in Q2FY21 performance on a QoQ basis across all operational parameters. Sales traction in Q2 improved over Q1 both in terms of area and value. In Q2FY21 sales volume at 0.35 msf was up 12% QoQ and sales value at Rs. 194 crore was up 18% QoQ. Buyer interest is getting more widespread, driven by increasing site visits and virtual interactions. The October sales numbers are near pre-Covid levels and we expect the current momentum to sustain. H2FY21 sales are also expected to be stronger on account planned launches across Pune and Mumbai.

At KPDL we have a track record of efficient and timely execution through the years. Construction activities picked up pace significantly as we have managed to mobilize 80% of the labourers at most of our sites and more than pre-Covid number at our Life Republic township project. Pick up in sales and execution benefitted collections. Collections in Q2FY21 at Rs. 201 crore have nearly doubled over Q1 and have been better than what we had envisaged earlier. We are glad to share, the month of October has seen us reach pre-Covid levels of business and execution, with collections crossing Rs. 110 crore. We are expecting to sustain this momentum and report strong collections for the remainder of the year and deliver healthy free cash flows as well in a very difficult year.

Our Mumbai story continues to shape well and we have a solid portfolio of society re-development projects in prime suburban locations. We have already achieved key milestones, including IOD, Tree NOC and MOEF approvals for Om Shree Gokul, Sagar Vaibhav and Hari Ratan societies and CC for Om Shree Gokul. Further, vacation notices have been served to the residents/tenants of Sagar Vaibhav and Hari Ratan and post vacation, we will be obtaining CC approvals of these societies. We are on track to start execution at all the three projects as the new calendar year starts. These three projects aggregate to a topline potential of over ~Rs. 1,100 crore.

We are happy with the progress we have made w.r.t. business development since the lockdown started. We are looking forward to announce meaningful (both in terms of area and value) capital light additions to our portfolio before FY21 ends.

Going forward, we see the structural demand theme of the sector developing on the back of several drivers. A combination of the lowest inflation-adjusted home prices in many years, sharp decline in interest rates and stamp duty cuts have considerably improved affordability and overall consumer sentiment. Branded developers with stronger balance sheets like us have consistently enjoyed buyers' confidence and we expect our holistic, 360-degree approach to allow market share gains and generate significant long-term value for stakeholders."

Shares of KOLTE-PATIL DEVELOPERS LTD. was last trading in BSE at Rs.168.65 as compared to the previous close of Rs. 167.3. The total number of shares traded during the day was 7523 in over 251 trades.

The stock hit an intraday high of Rs. 172.6 and intraday low of 167.05. The net turnover during the day was Rs. 1269911.

Source : Equity Bulls

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