Total land bank at about 39 million sq ft: Kolte Patil

Kolte Patil's Q3 net sales stood at Rs 127 crore as compared to Rs 81 crore, YoY. Its Q3 net profit stood at Rs 35.3 crore as against Rs 26.2 crore, YoY.

Rajesh Patil, Director, Kolte Patil, said the company has a total land bank of around 39 million sq ft. “This year, we are undertaking projects on around 18 millions sq ft. These projects are based in Pune and Bangalore. One of the big projects is a 400-acre township, which we will be developing with ICICI Venture Capital Fund,” he said.

Excerpts from CNBC-TV18’s exclusive interview with Rajesh Patil:

Q: Give us an update on the projects that you have in hand for FY09 and FY10? What is the kind of saleable land that you have?

A: The total land bank is around 39 million sq ft, out of which we are undertaking projects on around 18 million sq ft this year. These projects are based in Pune and Bangalore. One of the big projects is a 400-acre township, which we will be developing with ICICI Venture Capital Fund.

Q: You have three projects with ICICI Venture Capital Funds. This is the first project. When does work start on all three and by when do they start contributing to your numbers?

A: The first project is going to be a high-end residential block spread across 80 acres of land in Wagholi, Nagar Road, Pune. We are in the process of launching the next project. This project will comprise villas, residential apartments, and residential township facilities.

The second project is an 1.1 million sq ft IT park, which we expect to start by April.

The third project, which is also our biggest, is going to be an integrated township spread across 400 acres at Hinjewadi. The township will be completed somewhere around June-July.

Q: Can you quickly update us on the kind of outlook that you can offer for FY09 and for the final quarter of this financial year?

A: In Q3, our income from operations stood at Rs 127 crore and PAT was Rs 35 crore. We expect to continue with the same growth of around 80% on a YoY basis.