Kolte-Patil Developers Ltd - Q1 FY24 Financial Results

 by Priya Jadhav 

·         Q1 FY24 sales value at Rs. 701 crore, up 58% YoY

·         Q1 FY24 sales volumes at 0.93 million sq. ft., up 52% YoY

·         Third consecutive quarter with sales value of over Rs. 700 crore

·         Q1 FY24 Revenues at Rs. 571 crore; up 185% YoY

·         Q1FY24 EBITDA at Rs. 91 crore; up 94% YoY

·         Q1 FY24 Net Profit at Rs. 46 crore; up 116% YoY

·         Net Debt to Equity as on 30th June 2023 stands at 0.02x 

Pune, 04th August, 2023: Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL), a leading Pune-based real estate player, with growing presence in Mumbai and Bengaluru, announced its results for the first quarter ended 30th June, 2023.

Operational Highlights – Q1FY24

 

New area sales	Q1FY24	Q4FY23	Q1FY23	QoQ	YoY
Volume (million sq. ft.)	0.93	0.97	0.61	-5%	52%
Value (Rs. crore)	701	704	445	-0.4%	58%
Realization (Rs./Sq. ft.)	7,545	7,225	7,260	4%	4%
Collections (Rs. crore)	513	589	474	-13%	8%

Collections include contribution from DMA projects

Financial Highlights – Q1 FY24

 

P&L Snapshot (Rs. crore)	Q1FY24	Q1FY23	Y-o-Y
Revenue from Operations	571.2	200.1	185.4%
EBITDA	91.2	46.9	94.4%
EBITDA Margin (%)	16.0%	23.4%	-
Net Profit (post-MI)	46.0	21.2	116.4%
PAT margin (%)	8.0%	10.6%	-

 

Commenting on the performance for Q1FY24, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “I am pleased to report that in the first quarter of the current financial year, we have continued to build on the record performance delivered in FY23. We have seen a deeper customer engagement across projects, resulting in the key operating metrics showing solid expansion.

New area sales at 0.93 million square feet was up 52% YoY and sales value expanded by 58% YoY to Rs. 701 crore, supported by an increase of 4% in average realizations to Rs. 7,545 per square foot. Robust execution and deliveries resulted in strong collections at Rs. 513 crore in Q1, up 8% YoY and firm revenues at Rs. 571 crore. We reported EBITDA margins of 16% for Q1FY24. Our project launches are on track. We have already launched 2.73 million square feet in the current financial year including 1.52 million square feet across three projects in Baner, Pimple Nilakh and Life Republic under the 24K brand that addresses the premium luxury segment. Business development traction has been strong. So far, in FY24 we have acquired projects with top line potential of ~ Rs. 3,450 crore. These include four projects in diverse micro-markets across the Mumbai Metropolitan Region (MMR) and two projects in Pune. We continue to assess business development opportunities in our targeted markets and look to expand further on the back of innovative and capital-efficient growth engagements.

The country’s economic prospects, improving lifestyles and hybrid work formats now prevalent in corporate India, have been driving residential demand especially for larger homes. Going forward, we continue to see the several macro initiatives undertaken by the government translating into improved affordability parameters for the increasingly discerning homebuyer. We believe that Kolte-Patil is well positioned to benefit from these transitions with its strong brand deeply associated with trust and customer connect across the three geographies of Pune, Mumbai and Bengaluru. With the trend of consolidation and formalization, buyers are turning to quality developers and we look forward to deliver value across the entire ecosystem of stakeholders.”