H1 FY24 sales value at Rs. 1,333 crore, up 64% YoY
H1 FY24 sales volumes stood at 1.91 million sq. ft., up 63% YoY
H1 FY24 collections stood at Rs. 985 crore, up 12% YoY
Bangalore, October 13, 2023: 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 and half year ended 30th September 2023.
| New Area Sales | H1 FY24 | H1 FY23 | YoY | Q2 FY24 | Q1 FY24 | Q2 FY23 | QoQ | YoY |
| Volume (million sq.ft.) | 1.91 | 1.17 | 63% | 0.98 | 0.93 | 0.56 | 5% | 75% |
| Value (Rs. crore) | 1,333 | 812 | 64% | 632 | 701 | 367 | -10% | 72% |
| Realization (Rs./sq.ft.) | 6,970 | 6,960 | 0.15% | 6,426 | 7,545 | 6,622 | -15% | -3% |
| Collections (Rs. crore) | 985 | 878 | 12% | 472 | 513 | 404 | -8% | 17% |
Summary of operational performance:
*Collections include contribution from DMA projects
- Recorded sales value of Rs. 1,333 crore during H1 FY24, marking a growth of 64% YoY. Sales volumes at 1.91 million sq. ft. improved significantly by 63% in H1 FY24.
- New launches contributed ~55% to the H1 FY24 sales value. Launched ~2.73 million sq. ft. during the period –
- 24K Altura project in Baner (Pune)
- 24k Manor project in Pimple Nilakh (Pune)
- Arezo-JKD project in Life Republic township, Hinjewadi (Pune)
- Atmos-Phase 1 project in Life Republic township, Hinjewadi (Pune)
- 24K Espada project in Life Republic township, Hinjewadi (Pune)
- New launches and existing sustenance inventory resulted in strong volumes in H1 FY24.
- Life Republic (LR), KPDL’s flagship township project, registered sales volumes of 1.3 million sq. ft. during H1 FY24.
- New launches contributed ~55% to the H1 FY24 sales value. Launched ~2.73 million sq. ft. during the period –
- Strengthened registrations, sales, construction and CRM functions have resulted in accelerated collections.
Commenting on the performance, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “We are pleased to report strong operating performance in the first half of FY24. H1 sales at Rs. 1,333 grew significantly by 64% on the back of robust traction for new launches and sustained velocity for on-going projects, reflective of the enduring brand that Kolte-Patil has established through years of commitment to elevating customer experience. In H1 FY24, Life Republic sales volumes stood at 1.3 million sq. ft., highlighting the long-term value creation prospects of our projects. Construction activities maintained a steady pace during this period; combined with increased momentum in sales, registrations, and CRM, resulted in a 12% year-on-year improvement in collections at Rs. 985 crore for H1 FY24. By investing in growth levers, developing products across diverse customer segments, strong launches pipeline and business development (acquired projects with topline potential of Rs. 3,450 crore in H1 FY24) and prudent financial operations, the Company stands on a solid foundation. This foundation supported by sectoral tailwinds, will enable Kolte-Patil to deliver significant value across stakeholder groups in the coming years.”
