Kolte Patil Developers declines on weak Q2 result

Kolte Patil Developers dropped 3.89% to Rs 169.35 at 9:55 IST on BSE after consolidated net profit fell 60.56% to Rs 12.70 crore on 16.28% decline in total income from operations to Rs 157.89 crore in Q2 September 2014 over Q2 September 2013.

The company announced Q2 results after on Saturday, 18 October 2014.

Meanwhile, the BSE Sensex was up 389.15 points or 1.49% at 26,497.69.

On BSE, so far 26,084 shares were traded in the counter, compared with an average volume of 78,853 shares in the past one quarter.

The stock hit a high of Rs 175.45 and a low of Rs 165 so far during the day. The stock hit a 52-week high of Rs 198 on 9 October 2014. The stock hit a 52-week low of Rs 70.90 on 17 February 2014.

The stock had underperformed the market over the past one month till 17 October 2014, falling 8.35% compared with 1.96% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 4.97% as against Sensex's 2.14% rise.

The mid-cap firm has an equity capital of Rs 75.77 crore. Face value per share is Rs 10.

The company's EBITDA (earnings before interest, taxes, depreciation and amortization) fell 31% to Rs 42 crore in Q2 September 2014 over Q2 September 2013. Earning per share (EPS) for Q2 September 2014 stood at Rs 1.68 as compared to Rs 4.25 in Q2 September 2013. The company's new sales bookings rose 32% to 0.6 msf. in Q2 September 2014 over Q2 September 2013. The value of area sold rose 32% at Rs 344 crore in Q2 September 2014 over Q2 September 2013. The average sales price realization stood at Rs 5748 per square feet (sq. ft.) in Q2 September 2014 as compared to Rs 5738 per sq. ft. in Q2 September 2013.

Kolte-Patil Developers said that the board of directors of the company at its meeting held on 18 October 2014, has approved appointment of Mrs. Shraddha Jain as Chief Financial Officer of the company with effect from 18 October 2014 in place of Mr. Vasant Gaikwad.

Kolte-Patil is a Pune based real estate developer and has completed 1 crore square feet of landmark developments in Pune and Bengaluru. It is also present in Mumbai with some upscale redevelopment projects.

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