Kolte-Patil Developers Ltd. announced its results for the fourth quarter and full year ended 31st March, 2023. Commenting on the performance for Q4 & FY23, Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “I am extremely pleased to share that Kolte-Patil has delivered record performance in FY23 with highest ever levels of sales value, sales volumes, and collections. The Company has undergone orbital change over the last two years where sales have nearly doubled from Rs. 1,201 crore in FY21 to Rs. 2,232 crore in FY23.”
Domestic real estate sector remains buoyant and continues to benefit from the tailwinds. Kolte-Patil, has capitalized on the favourable demand environment marked by improved home ownership sentiment and the desire for owning homes that meet the aspirations for a quality lifestyle. During the year, it launched 3 mn sq ft across demand segments and geographies to cater to unique customer needs. The response was reassuring as new launches accounted for a strong ~51% of sales numbers for the year under review.
In line with the stated guidance, FY23 sales grew by 28% YoY to Rs. 2,232 crs. Volumes at 3.3 mn sq ft increased by 21% YoY. Strong execution by the team saw rapid milestone achievement across projects that translated into firm collections that improved 21% YoY to Rs. 1,902 cr. Deliveries stood strong at ~3.3 million square feet and Q4FY23 was second consecutive quarter of sales over Rs. 700 crore. It closed the quarter with revenues of Rs. 797 crore and EBITDA margins of 22%. Basis a healthy balance sheet position and strong cash flows, the board has recommended a dividend of Rs. 4 per equity share.
In an important development, in April 2023, it received Rs. 206.5 crore from Marubeni Corporation towards investment in the Pimple Nilakh project providing further liquidity to the company to invest in business development opportunities. In May 2023, the company acquired two projects each in Pune and Mumbai with the total top-line potential of Rs 2,500 crs.
Talele said, “Our prudent financial management practices position us well to capitalize on future growth opportunities. We are confident of acquiring projects with the top-line potential of Rs. 8,000 crore and deliver sales of Rs. 2,800 crore in FY24. Going ahead, we look forward to continuing our secular growth in the coming years on the back of strong momentum of new launches, robust business development pipeline, and excellent customer satisfaction as the point of convergence for all the business efforts. We remain confident about creating value for all our stakeholders.”