Kolte-Patil Developers Limited – Operational Update for Q3 & 9M FY24

Kolte-Patil Developers Limited – Operational Update for Q3 & 9M FY24

Kolte-Patil Developers

Bengaluru, 16th January 2024: Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL; KPDL), a leading Pune-based real estate player with a growing presence in Mumbai and Bengaluru, has announced key updates on its real estate operations during the quarter and nine months ended 31st December 2023.

New Area Sales 9MFY24 9MFY23 YoY Q3FY24 Q2FY24 Q3FY23 QoQ YoY
Volume (million sq. ft.) 2.89 2.30 26% 0.98 0.98 1.13 -13%
Value (Rs. crore) 2,079 1,528 36% 746 632 716 18% 4%
Realization (Rs. /sq. ft.) 7,183 6,643 8% 7,579 6,426 6,339 18% 20%
Collections (Rs. crore) 1,478 1,313 13% 493 472 435 4% 13%

Summary of operational performance:

Collections include contribution from DMA projects

  • Reported highest ever quarterly pre-sales, by value, in Q3 FY24

o    Pre-Sales at Rs. 746 crore, grew 18% QoQ

o    Realizations improved both YoY and QoQ due to increased contribution from the ‘24K’ premium luxury segment projects in Baner and Pimple Nilakh

o    KPDL’s flagship project, Life Republic Integrated Township, recorded sales volumes of 4.4 lakh sq. ft. during the quarter

  • Achieved pre-sales value of Rs. 2,079 crore in 9M FY24, marking a growth of 36% YoY, resulting from firm sales momentum in new as well as ongoing projects

o    Achieved pre-sales volumes of 2.89 million sq. ft., registering a growth of 26% YoY

o    Launched ~2.73 million sq. ft. across projects in Pune and Mumbai in 9M FY24

o    During 9M FY24, contribution from new launches to the pre-sales value is 57%

o    Life Republic Township project recorded the highest-ever volumes of 1.7 million sq. ft. achieved in any nine-month period

Commenting on the performance, Mr. Rahul Talele, Group CEO, of Kolte-Patil Developers Limited said, “We are pleased to announce robust sales growth as we capture and capitalize on the evolving demand trends. In Q3 FY24, we achieved the highest-ever quarterly pre-sales numbers of Rs. 746 crore, marking a growth of 18% QoQ. The Life Republic project in Pune achieved a historic milestone, recording the highest-ever sales volumes of 1.7 million sq. ft. during 9M FY24, underscoring the enduring value of our product offerings reflecting our commitment to excellence. Heightened economic activity, rising income levels, and interest rate stability continue to give an impetus to the historic demand for residential real estate that we have witnessed in recent times. Through this sustained positive trajectory, we are confident of meeting pre-sales growth targets on the back of a strong pipeline of upcoming launches. In line with our strategy, we actively evaluate business development opportunities to expand market share in key operating markets. Our steadfast focus on exceptional customer experience remains core as we grow across segments and geographies delivering value across stakeholder groups.”

Rabindra

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