Buy Kolte-Patil Developers, target price Rs 480: HDFC Securities
HDFC Securities has a buy call on Kolte-Patil Developers with a target price of Rs 480. The current market price of Kolte-Patil Developers is Rs 368.6. Kolte-Patil Developers, incorporated in 1991, is a Small Cap company with a market cap of Rs 2808.36 crore, operating in the Real Estate sector.
Kolte-Patil Developers' key products/revenue segments include Income from Sale of Commercial Flats, Shops & Plots, Other Operating Revenue, Land and Scrap for the year ending 31-Mar-2023.
Financials For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 320.96 crore, down -8.37% from last quarter Total Income of Rs 350.29 crore and up 56.67% from last year same quarter Total Income of Rs 204.86 crore. The company has reported net profit after tax of Rs 8.77 crore in the latest quarter.
Investment Rationale
Kolte Patil Developers expects to achieve its BD guidance of Rs 80 billion for FY25, as a few of the deals are nearing completion or in advanced stages. The BD pipeline is largely in Pune (at 70%), MMR (at 20%) and the balance 10% in Bengaluru. With strong cash flows KPDL is a net cash positive company and liquidity is comfortable. This may pave the way for accelerated BD activities. Given strong business development and better-than expected price realisation, HDFC Securities maintains a BUY rating with a target price of Rs 480/share.
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