Kolte-Patil Developers Q2 Update: Sales Value Rises 22% To Rs 770 Crore

Kolte-Patil Developers Ltd. reported on Wednesday its highest-ever quarterly sales value in the quarter ended September. The sales value for the second quarter saw a 22% jump to Rs 770 crore in comparison to Rs 632 crore in the same time period last year.

The 24K segment contributed 30% to the sales values in the second quarter, the real estate developer said in an exchange filing. The sales value in the first half of the current financial year was Rs 1,481 crore, while the sales value for the first six months of the previous fiscal was at Rs 1,333 crore.

Total collections for the second quarter rose 16% year-on-year to Rs 550 crore, the real estate player added. The collection for the first half of the fiscal stood at Rs 1,162 crore, an 18% jump from Rs 985 crore in the year-ago period on the back of robust sales and timely execution of projects.

The Pune-based company achieved quarterly sales volumes of 1.03 million sq. ft., with the average realisation improving 16% to reach Rs 7,472 per sq. ft.

"I am happy to announce that we have achieved our highest-ever quarterly sales performance, a testament to the market's confidence in our offerings and execution capabilities," Atul Bohra, group chief executive officer of Kolte-Patil Developers, said. "Our collections hit an all-time high in the first half of the year, reflecting the strong execution discipline we maintain across projects."

Bohra said that with the sales in the first quarter and the pipeline for launches in the second half of the year, Kolte-Patil Developers will meet the pre-sales target of Rs 3,500 crore for the fiscal. "With robust industry trends supporting housing demand, especially in premium categories, we remain well-positioned to capitalise on the growing opportunity," he added.

Shares of Kolte-Patil Developers rose as much as 3.66% during the day to Rs 396 apiece on the NSE. The stock closed 2.7% lower at Rs 392 per share, compared to a 0.34% decline in the benchmark Nifty 50. It has fallen 21.19% in the last 12 months and 24.22% on a year-to-date basis.