Kolte-Patil gains after providing update on project in Pune

Kolte-Patil Developers rose 1.12% to Rs 180.80 at 10:11 IST on BSE after the company said it has completed Phase I of its Three Jewels project in Pune consisting of apartments and shops.

The company made the announcement after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 21.44 points or 0.07% at 31,167.24. The S&P BSE Small-Cap index was up 114.21 points, or 0.76% at 15,194.42.

On BSE, so far 8,869 shares were traded in the counter, compared with an average volume of 1.20 lakh shares in the past one quarter. The stock hit a high of Rs 181.80 and a low of Rs 179.50 so far during the day. The stock had hit a 52-week high of Rs 204 on 26 April 2017. The stock hit a 52-week low of Rs 78.75 on 27 December 2016.

The stock had underperformed the market over the past one month till 31 May 2017, falling 5.02% compared with 4.1% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 65.25% as against Sensex's 8.36% gains. The scrip had also outperformed the market in past one year, gaining 39.63% as against Sensex's 16.79% gains.

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

Kolte-Patil Developers said that the company has completed Phase I of its 'Three Jewels' Project'. Phase I has a saleable area of 0.73 million square feet and comprises 812 apartments with a mix of 1, 2 and 2.5 BHK's and 40 shops. The project is located on a 15 acre land parcel located within Pune city limits, in the prime Katraj-Kondwa area of South Pune.

Phase II of the project comprises 754 apartments spread over 0.75 million square feet, and is currently underway, Kolte-Patil Developers said. The project has received a good response and appreciation from the home seekers in Pune and nearby cities from the western Maharashtra region, the company said.

On a consolidated basis, Kolte-Patil Developers's net profit rose 65.01% to Rs 29.80 crore on 60.91% rise in total revenue to Rs 336.78 crore in Q4 March 2017 over Q4 March 2016.

Kolte-Patil Developers is a real estate company with dominant presence in Pune residential market. The company has executed projects in multiple segments - standalone residential buildings and integrated townships.

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