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Oct 26, 2012, 01.25 PM IST
Sujay Kalele, Chief Executive Officer of Kolte-Patil Developers credits realty developer’s projects in Pune and Bangalore for their robust performance in the second quarter
We hope to close out this financial year at Rs 600 crore of topline
Sujay Kalele, Chief Executive Officer of Kolte-Patil Developers credits realty developer’s projects in Pune and Bangalore for their robust performance in the second quarter. The company more than doubled its net profit at Rs 19.6 crore in the quarter in focus and sold 0.8 million square feet at the average prices of Rs 4,300 per square feet in Pune alone.
"We have plans of launching three new projects in Bangalore, which would total to about more than half a million square feet coupled with one big launch in Pune, which will add upto about a million square feet," Kalele told CNBC-TV18 in an interview.
Kalele says the firm is in the process of signing two new redevelopment projects in Mumbai. "We hope to close out this financial year at Rs 600 crore of topline," he said adding, next year the company is eyeing a topline of close to Rs 900-1,000 crore.
Below is the edited transcript of Kalele's interview with CNBC-TV18
Q: Just take us through this Rs 192 crore revenue. It is up on a sequential basis as well as on a year-on-year (YoY) basis. Give us a sense in terms of the projects that you have sold this quarter, what were the realizations and volumes like?
A: We sold about 0.8 million sq ft in this particular quarter at an average pricing of about Rs 4,365 in Pune. We have seen very good offtake across all projects, not only in Pune but also couple of projects that we launched in Bangalore. So coupled with very strong execution of all the projects on the ground, it helped us realize good set of numbers for this quarter.
Q: What were the realizations in terms of volume? How much did you sell over the previous quarter and price wise per square feet how much better or how did you do at all?
A: Yes, as compared to the last quarter our price increased by about 7 percent. Last quarter, our average price realization was about Rs 4,100 a sq ft, This quarter our average price realization was about Rs 4,300 a sq ft.
Q: What have you stacked up in terms of volumes for the full year? How much do you expect to sell?
A: We hope to maintain our lead in Pune and Bangalore with sales of about 3 million sq ft. So that amounts to about additional of 1.4 million sq ft to be covered up in the remaining half year, this financial year.
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