Kolte-Patil Developers gains after Q3 business update

Kolte-Patil Developers rose 2.35% to Rs 333.65 after the real estate company's sales volume increased by 56% to 0.86 million sq. ft. in Q3 FY22 from 0.55 million sq. ft. in Q3 FY21.

Sequentially, the sales volume has improved by 28% from 0.67 million sq. ft. in Q2 FY22.

The sales value was Rs 561 crore in Q3 FY22, up 77% YoY and up 31% QoQ.

Realization was Rs 6,489 per sq. ft. in Q3 FY22, up 13% YoY and up 2% QoQ. The improvement in APR was driven by a firm realization trend and higher contribution from Mumbai.

Rahul Talele, Group CEO, Kolte-Patil Developers, said, Sales traction remains promising across our key markets and product categories. We are set to expand our portfolio of projects with several launches lined up across key micro markets in Pune, Mumbai and Bengaluru.

The company reported a consolidated net profit of Rs 17.70 crore in the quarter ended September 2021 as against net loss of Rs 21.87 crore during the previous quarter ended September 2020. Sales rose to Rs 303.78 crore in Q2 FY22 from Rs 64.58 crore in Q2 FY21.

Kolte-Patil Developers is a real estate company with a dominant presence in the Pune residential market, and a growing presence in Mumbai and Bengaluru. The company has developed and constructed over 50 protects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of approximately 20 million square feet.

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