Kolte-Patil Developers Q1 Results: Net profit notches up 116% YoY to Rs 46 crore

economictimes.indiatimes.com:

Kolte-Patil Developers has reported a 116% year-on-year growth in net profit at Rs 46 crore for the quarter ended June. Revenue from operations witnessed 185.4% growth at Rs 571.2 crore. The company sold a new area of 0.93 million sq ft, up 52% and sales value expanded by 58% to Rs 701 crore, supported by an increase of 4% in average realizations to Rs 7,545 per sq ft.

“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,” said Rahul Talele, Group CEO, Kolte-Patil Developers. Robust execution and deliveries resulted in robust collections at Rs 513 crore during the quarter, up 8%.

The company has already launched 2.73 million sq ft in the current financial year including 1.52 million sq ft across three projects. “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,” Talele added. In the current financial year, the company has acquired projects with top line potential of around Rs 3,450 crore.