* 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
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.
· 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.
o 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)
o New launches and existing sustenance inventory resulted in strong volumes in H1 FY24.
o Life Republic (LR), KPDL’s flagship township project, registered sales volumes of 1.3 million sq. ft. during H1 FY24.
· 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.”
About Kolte-Patil Developers Limited
Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL; KPDL), incorporated in 1991, is a leading real estate company with dominant presence in the Pune residential market, and growing presence in Mumbai and Bengaluru. Kolte-Patil is a trusted name with a reputation for high quality standards, design uniqueness, corporate governance, transparency and timely delivery of projects. The company has developed and constructed over 58 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of >26 million square feet across Pune, Mumbai and Bengaluru. The Indian Green Building Council (IGBC) has certified several of the company’s projects. KPDL markets its projects under two brands: ’Kolte-Patil’ (addressing the mid-income segment) and ‘24K’ (addressing the premium luxury segment).
Consolidating its leadership position in Pune, the company forayed into the Mumbai market in 2013 focusing on society redevelopment projects that have lower capital intensity. The company has signed thirteen projects (two completed, five on-going, six future projects) till date at prime locations across the city.
KPDL has seamlessly navigated varied economic cycles enabled by one of the lowest debt levels in the sector. The Company’s long-term bank debt has been rated ‘A+/Positive’, short-term bank loan facilities as A1 and nonconvertible debentures as A+/Positive by CRISIL.
The Company’s growth trajectory, internal processes and corporate governance practices have benefitted from partnerships with marquee financial institutions like KKR, JP Morgan Asset Management, Portman Holdings, ASK Capital, Motilal Oswal, ICICI Ventures, IL&FS, Planet Smart City and Marubeni Corporation.
Over the years, KPDL has received multiple awards and recognitions including Asia’s Greatest Brand 2017 by AsiaOne, The Economic Times - The Game Changers of Maharashtra 2018, Times Realty Icons - Best Realtor 2019, CNN NEWS18 – Developer of the Year Residential 2019, ET Now – Most Trusted Brand India’s 2019, Top Challengers 2019-20 by Construction World Global Awards Online,Trusted Brand of the Year, Times Realty, 2021-22 and Residential High Rise Architecture India2021, Asia Pacific Property Awards (IPA).
For more details on Kolte-Patil Developers Ltd., visit www.koltepatil.com