Kolte-Patil Developers slips after group CEO Rahul Talele resigns

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Kolte-Patil Developers dropped 4.82% to Rs 452.20 after the company informed that Rahul Talele has resigned from the position of group chief executive officer of the company with effect from 13 June 2024.

Rahul Talele has resigned due to pursue professional opportunities outside the organization. The resignation has been accepted by the board of directors of the company in their meeting held on 14 June 2024. However, he will continue as a non key managerial personnel (KMP) to complete the smooth transition till 31 August 2024.

Meanwhile, the board of directors has appointed Atul Bohra as group chief executive officer of the company, with effect from 14 June 2024.

Atul Bohra is a qualified chartered accountant (CA), company secretary (CS), MBA graduate and has undergone the Strategic Thinking and Leadership Program at Wharton Executive Education. He has over 20 years of versatile experience in real estate, strategy, finance, business development, stakeholder management and risk management.

Bohra has worked with Kolte-Patil Developers in different roles over a period of 2012 to 2023 during which he also served as the Group CFO. Before joining Kolte-Patil Developers as a Group CEO, Bohra briefly took on the role of a regional business head with Birla Estates.

Rajesh Patil, chairman and managing director, KoltePatil Developers, said, Kolte-Patil Developers is firmly positioned for achieving robust growth on the back of strong projects-portfolio, sound financial standing, a solid leadership team and economic and sectoral tailwinds. In his earlier tenure at Kolte-Patil, having worked across functions and geographies,

Atul has demonstrated keen business sense, transformative approach, and financial expertise, contributing meaningfully to the success of the Company. I am confident that in his new role as the Group CEO, he will lead the Company to achieve new milestones and solidify our position as a leading real-estate developer.

Atul Bohra, Group CEO, Kolte-Patil Developers, commented, I would like to thank the board for entrusting me with this opportunity to lead the Company at such an exciting time. KoltePatil, has succeeded across market cycles because the Company has progressively delivered superior value and I look forward to continue to build upon this legacy of excellence and ensure the Companys sustained success.

Kolte Patil Developers is a leading real estate company with dominant presence in the Pune residential market. It has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of 20 million square feet across Pune, Mumbai and Bengaluru.

The company reported consolidated net loss of Rs 26.18 crore in Q4 FY24 as against net profit of Rs 121.33 crore in Q4 FY23. Revenue from operations declined 33.94% to Rs 526.38 in Q4 FY24 over Q4 FY23.

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