Kolte-Patil Developers share price drops 7% on Rs 26-crore Q4FY24 net loss

Kolte-Patil Developers: Operationally, too, Kolte-Patil's consolidated total income for Q4FY24 was Rs 527.71 crore as against Rs 804.42 crore Y-o-Y

Kolte-Patil Developers share price: Kolte-Patil Developers' stock price fell 7.3 per cent to Rs 477 apiece on the BSE on Monday after the real estate player posted a weak set of results for the March quarter (Q4FY24).

The company posted a net loss of Rs 26.18 crore for the January-March quarter as against a net profit of Rs 121.3 crore in the corresponding quarter of the previous fiscal (Q4FY23).

Operationally, too, Kolte-Patil's consolidated total income for Q4FY24 was Rs 527.71 crore as against Rs 804.42 crore, down 34.4 per cent year-on-year (Y-o-Y).

The company posted a loss before tax of Rs 41.5 crore in Q4Fy24 vs a profit of Rs 172 crore Y-o-Y.

That said, Kolte-Patil's new area sales' value stood at Rs 743 crore in Q4FY24, up 6 per cent Y-o-Y from 704 crore. It was flat Q-o-Q from Rs 746 crore posted in Q3FY24.

New area sales volume, meanwhile, was 1.03 million sq. ft., up 6 per cent Y-o-Y from 0.97 million sq. ft, and 4 per cent Q-o-Q from 0.98 million sq. ft. in Q3FY24.

Collections in Q4FY24 stood at Rs 592 crore, up barely 1 per cent Y-o-Y from Rs 589 crore posted in Q4FY23.

"In FY24, our sales grew by 26 per cent Y-o-Y to Rs 2,822 crore, and volumes increased by 20 per cent Y-o-Y to 3.9 million square feet. Strong execution led to rapid progress across projects, resulting in highest-ever collections of Rs 2,070 crore. We ended the year with revenues of Rs 1,372 crore. Balance-Sheet remains healthy and cash flows robust, enabling the Board to recommend a final dividend of Rs 4 per equity share," said Rahul Talele, Group CEO, Kolte-Patil Developers.

At 10:45 AM, Kolte-Patil share price was down 6.6 per cent at Rs 480.5 per share as against 0.29 per cent rise in the benchmark S&P BSE Sensex.

Kolte-Patil Developers is a leading real estate company with dominant presence in the Pune residential market, and growing presence in Mumbai and Bengaluru.

The company has developed and constructed over 64 projects including residential complexes, integrated townships,

commercial complexes and IT Parks covering a saleable area of >28 million square feet across Pune, Mumbai and Bengaluru.

The company's long-term bank debt has been rated 'A+/Positive', short-term bank loan facilities as 'A1' and non-convertible debentures as 'A+/Positive' by CRISIL.