Kolte-Patil Developers Limited - Operational Update for Q1 FY24

Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL; KPDL), a leading Pune based real estate player with growing presence in Mumbai and Bengaluru, has announced key updates on its real estate operations during the quarter ended 30th June 2023.

- Q1 FY24 sales value stood at Rs. 701 crore, up 58% YoY
- Q1 FY24 sales volumes stood at 0.93 million sq. ft., up 52% YoY
- Third consecutive quarter with sales value of over Rs. 700 crore
- Launched 1.38 million sq. ft. in Q1 FY24

- Achieved sales value of Rs. 701 crore during Q1 FY24, marking a growth of 58% YoY

* Launched ~1.38 million sq. ft. in Pune in Q1 FY24
* 24K Altura project in Baner

- Arezo-JKD project in Life Republic township, Hinjawadi

* Strong volumes achieved on the back of new launches and existing sustenance inventory
* New launches contributed ~43% to the pre-sales value during the quarter
* KPDL's flagship project Life Republic (LR) registered sales volumes of 0.52 million sq. ft. in Q1 FY24

- During the quarter, realizations improved 4% YoY to reach Rs. 7,545 per square foot, with meaningful contribution from 24K Altura project in Baner.

- Strong focus on sales, registrations, construction and CRM translated into strong collections during the quarter under review.

Commenting on the performance, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, "We have commenced the year on a solid footing, building on the momentum gained in the previous financial year. Sales improved 58% by value and 52% by volume over Q1 FY23, on the back of strong traction across new launches and on-going projects. Our 24K Altura project in Baner, launched in Q1 FY24, received strong response further augmenting our position in the premium luxury segment. Customer sentiment remains robust and Kolte-Patil is well positioned to capitalize on this demand for larger homes and differentiated offerings.

In May 2023, we announced acquisition of two projects in Pune with the topline potential of Rs. 1,300 crore and two projects in Mumbai with the topline potential of Rs. 1,200 crore. With the new projects acquired in the recent past and the prospective project acquisitions during the remainder of the year, we will be able to expand our footprint to new micro-markets while strengthening our position in the existing micro-markets of Pune and Mumbai. Strong economic tailwinds, robust pipeline of launches, and a strong Balance Sheet, give us the confidence to sustain the momentum through the course of the year and deliver on our commitment for creating value across stakeholder groups."

Shares of Kolte - Patil Developers Limited was last trading in BSE at Rs. 385.20 as compared to the previous close of Rs. 393.20. The total number of shares traded during the day was 13887 in over 939 trades.

The stock hit an intraday high of Rs. 399.30 and intraday low of 382.65. The net turnover during the day was Rs. 5390546.00.

Source : Equity Bulls

Keywords

KoltePatilDevelopers INE094I01018 Q1FY24 OperationalUpdates