Kolte-Patil Developers hits 52-week low on weak Q1 show; stock slips 4%

Kolte-Patil Developers Q1 impact: Shares of real estate developer Kolte-Patil Developers fell as much as 4.01 per cent to hit a fresh 52-week low of Rs 357 per share on Friday, August 9, 2024. 
 

The fall in the share price came after the company announced a weak set of June quarter (Q1FY25) results.

The company’s consolidated profit (bottomline) plunged 86.5 per cent year-on-year (Y-o-Y) to Rs 6.2 crore in the June quarter of FY25, from Rs 46 crore in the June quarter of FY24. 

Kolte-Patil Developers revenue from operations, or topline, dropped 40.4 per cent annually to Rs 340.7 crore in the June quarter of FY25, from Rs 571.2 crore in the June quarter of FY24. 

At the operating front, earnings before interest, tax, depreciation and amortisation (Ebitda) dropped nearly 70 per cent year-on-year to Rs 27.7 crore in Q1FY25, from Rs 91 crore in Q1FY24.

Consequently, Ebitda margin or operating profit margin (OPM), contracted 790 basis points (bps) to 8.1 per cent in the June quarter of FY25, from 16 per cent in the June quarter of FY24.

The company operates in the real estate sector, focusing on both residential and commercial properties, with a strong foothold in Pune and expanding presence in Mumbai and Bengaluru. 

Kolte-Patil Developers markets its projects under two distinct brands, including 'Kolte-Patil,' which caters to the mid-income segment, and '24K,' which targets the premium luxury market. 

The company has so far delivered over 26 million square feet of space across these three major cities.

The market capitalisation of Kolet-Patil Developers is Rs 2,737.68 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.

At 1:50 PM, shares of the real estate developer were trading 3.16 per cent lower at Rs 360.20 per share. In comparison, BSE Sensex was up 1.01 per cent at 79,686.13 levels.