Kolte-Patil Developers Ltd. Q3 & 9M FY24 Financial Results

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Kolte-Patil Developers Ltd. Q3 & 9M FY24 Financial Results
Kolte-Patil Developers Ltd. Q3 & 9M FY24 Financial Results

 

Highest-ever 9M FY24 sales value at Rs. 2,079 crore, improved 36% YoY Highest-ever 9M FY24 sales volumes at 2.89 million sq. ft., increased 26% YoY 9M FY24 Revenues stood at Rs. 845 crore; up 22% YoY

9M FY24 EBITDA at Rs. 58 crore; up 266% YoY

Net Debt as on 31st December 2023 stands at Rs. -32 crore

Bengaluru, 24 January 2024: Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL), a leading Pune-based real estate player, with growing presence in Mumbai and Bengaluru, announced its un-audited results for the third quarter ended 31 December 2023.

Operational Highlights – 9MFY24

 

New area sales 9MFY24 9MFY23 YoY
Volume (million sq. ft.) 2.89 2.30 26%
Value (Rs. crore) 2,079 1,528 36%
Realization (Rs./sq. ft.) 7,183 6,643 8%
Collections (Rs. crore) 1,478 1,313 13%

Collections include contribution from DMA projects

 

Operational Highlights – Q3FY24

 

New area sales Q3FY24 Q2FY24 Q3FY23 QoQ YoY
Volume (million sq. ft.) 0.98 0.98 1.13 -13%
Value (Rs. crore) 746 632 716 18% 4%
Realization (Rs./sq. ft.) 7,579 6,426 6,339 18% 20%
Collections (Rs. crore) 493 472 435 4% 13%

 

Commenting on the performance for Q3 & 9M FY24, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “KPDL has been delivering progressively expanding operating milestones over the last few years, sustaining the momentum in FY24. During the third quarter and nine months of the current financial year, we reported the highest ever pre-sales of Rs. 746 crore and Rs. 2,079 crore respectively. Strong sales volumes and higher realizations from increased contribution from our 24K project contributed to this performance. Firm collections support the execution machinery and project timelines. We continue to see significant demand across product segments and in geographical markets of our focus. I am happy to share that we achieved highest ever pre-sales of 1.7 mn sq. ft. for 9MFY24 at our flagship project, Life Republic, underscoring the strong market acceptance and demand.

 

We see improved long-term affordability parameters for real estate, established flexible, hybrid work formats and sustained investment infrastructure and connectivity investments by the government, supporting housing demand across our key markets. Robust economic activity is expected to sustain despite global headwinds and India is expected to remain one of the fastest growing major economies. This optimism is reflected in the positive customer sentiment. Residential real estate demand will remain buoyant and we will continue to explore business development opportunities across micro-markets in our key operating geographies. For the year to date, we have acquired projects with the total top-line potential of ~Rs. 4,000 crore.

 

We look forward to closing the year that exceeds all our previous operating benchmarks of sales, realizations and collections. We are also focused on achieving business diversification objectives, with enhanced contributions from existing projects, pipeline of new launches and additions of new projects across Pune, Mumbai and Bengaluru. With the trend of consolidation and formalization of the sector gaining further traction, buyers and land owners continue to turn to quality developers and we are well-positioned to use our strong market position and customer relationships to deliver value across the entire ecosystem of stakeholders.”

 

Financial Highlights – Q3 & 9M FY24

 

P&L Snapshot (Rs. crore) 9M FY24 9M FY23 Q3 FY24 Q2 FY24 Q3 FY23
Revenue from Operations 845.1 691.5 75.8 198.2 368.1
EBITDA 58.0 15.8 -36.7 3.5 -25.5
EBITDA Margin (%) 6.9% 2.3% -48.4% 1.8% -6.9%
Net Profit (post-MI) -42.2 -13.4 -62.9 -25.3 -25.8
PAT margin (%) -5.0% -1.9% -83.0% -12.8% -7.0%