Kolte Patil Q1 Results Review - Steady Pre-Sales; Strong Show On Cash Flows: Motilal Oswal

Motilal Oswal Report

Kolte Patil Developers Ltd. reported bookings of Rs 7.1 billion in Q1 FY25, flat YoY/QoQ and in line with our estimate. Growth was largely constrained due to muted launches as the company launched 0.6 million square feet of inventory worth Rs 4 billion at Life Republic in Pune. After June-24, the company has launched 1.4 msf in Pune, taking the year-to-date launched gross development value to Rs 15 billion.

Pune contributed 85% or Rs 6 billion to total pre-sales (versus 95% in FY24) as the contribution from Mumbai Metropolitan Region and Bengaluru ramped up to Rs 1 billion (or 15% of presales) versus Rs 1.4 billion in full year FY24.

Excluding Life Republic, pre-sales from Pune sustained at Rs 3 billion per quarter, while the contribution from Life Republic declined by 20% from the FY24 quarterly run rate of Rs 3.7 billion.

Collections rose the highest ever at Rs 6.1 billion, up 19% YoY, leading to a three-fold jump in operating cash flow to Rs 2.5 billion.

Kolte-Patil spent Rs 1.5 billion on land and approval, resulting into surplus of Rs 1 billion. Net cash as of June-24 was at Rs 370 million.

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