Kolte-Patil Developers Ltd, a leading Pune-based real estate player, with growing presence in Mumbai and Bengaluru, announced its results for the second quarter and half year ended 30th September, 2023.
Commenting on the performance for Q2 & H1 FY24, Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “Our operating performance in Q2 and H1 highlights the trend of robust demand for quality living spaces from well-established real estate developers. In each of our targeted markets, we have successfully launched new projects while continuing to witness strong visibility across our sustenance projects. In H1 FY24, we clocked new area sales of 1.91 million square with aggregate value of Rs. 1,333 crore, higher by 63% and 64% YoY respectively. In Q2, new area sales was up 75% YoY to 0.98 million square feet and sales value increased by 72% YoY to Rs. 632 crore. Importantly, collections from customers during H1 expanded by 12% to Rs. 985 crore, creating the requisite liquidity to expedite project execution.
In H1, we launched projects/phases across segments in key micro markets. These projects contributed 55% to our sales by value in the first half. Planned project launches for H2 are on track and will contribute to maintaining the current momentum. Meanwhile, our robust business development engine has enabled 5 new project acquisitions with aggregate top-line potential of Rs. 3,450 crore. These projects afford additional visibility in Pune, western suburbs of Mumbai as well as entry in central suburbs of Mumbai and Navi Mumbai markets within the Mumbai Metropolitan Region. Our ability to drive expansion on the back of innovative and capital-efficient engagements with our stakeholders is reflected in the recent re-affirmation of our long-term credit rating at A+ by CRISIL with an improved ‘Positive’ outlook.
Going forward, we see a positive long-term outlook for the sector and our business as the country emerges as a key driver of global growth. During this period, we see the real estate sector constantly expanding its contribution to India’s progress with likely demand growth across segments. Based on customer preference for reputed brands and our strong positioning across the targeted geographies, we see consistent stakeholder value emerging from the business in the years to come.”
