Kolte-Patil Developers Limited has achieved highest ever annual sales during FY23 as it recorded sales value of Rs 2,232 crores marking a growth of 28% YoY. It launched over ~3 million sq. ft. across projects in Pune and Mumbai. The new launches contributed ~51% to the pre-sales value for the year. The Life Republic integrated township, KPDL’s flagship project in Pune, achieved highest ever volumes of 1.76 mn. sq. ft. non-Pune markets contributed ~20% to the overall sales numbers. The Q4FY23 sales at Rs. 704 crores registered a growth of 41% on YoY basis.
The overall realizations improved by 13% on the back of higher ticket size offerings and robust customer demand; Strong volumes growth of 25% further contributed to the sales numbers for the quarter. KPDL’s flagship Life Republic (LR) project registered volumes of 0.66 million sq. ft. for Q4FY23. Collections at the highest ever levels for the year and quarter at Rs. 1,902 crore and Rs. 589 crore support healthy cash flow generation which can be deployed for new business development; thereby supporting judicious capital structure with low debt.
Commenting on the new announcement, Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “I am extremely pleased to share that this has been a banner year for Kolte-Patil. We reported the highest ever pre-sales numbers of Rs. 2,232 Crore for FY23 in line with our stated guidance. Our efforts to build on the product offerings to cater to the diverse customer needs, supported higher volumes and improved realizations. We continue to see strong demand traction across projects and geographies, which is particularly encouraging given the interest rate hikes through the course of the year. This is reflected in new project launches, which accounted for approximately 51% of our pre-sale’s numbers for the financial year. Some projects, including Sound of Soul at our flagship township project at Life Republic, were fully sold out within one quarter of launch. I am delighted to share that our performance at Life Republic is reaching new highs as we closed the year with record sales of 1.76 million sq. ft. We also reported highest ever collections of Rs. 1,920 crores for the year, which was achieved on the back of timely project execution. Deliveries stood strong at ~3.3 mn sq. feet.”
He further added, “The sector continues to benefit from the tailwinds and now with interest rates stabilizing, we are witnessing improved customer sentiment and strong propensity to buy from trusted brands resulting in further consolidation in the sector. Our business development goals are on track to create a strong pipeline of projects across geographies and as we look towards the future, I am confidence of our ability to deliver on our growth objectives and create sustained value for all stakeholders.”
