Kolte Patil sees commercial demand slowly picking up

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Kolte Patil sees commercial demand slowly picking up

Sujay Kalele, vice chairman, Kolte-Patil Developers in an interview with CNBC-TV18 said, "The residential segment is doing very good. We have received phenomenal response for all the projects. The commercial demand is slowly picking up."

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Excerpts from After the Bell on CNBC-TV18 Watch the full show » ALSO READ See latest News about Kolte-Patil See previous management interviews See what other Experts & Brokerages are saying about Kolte-Patil Kolte-Patil BSE | NSE 30/05/12 Are Mutual Funds betting on Kolte-Patil?

Sujay Kalele, vice chairman, Kolte-Patil Developers in an interview with CNBC-TV18 said, "We have launched around two new schemes in the last two months. Our 450 acres proposed township is scheduled for launch in July."

Citing the demand scenario he said, "The residential segment is doing very good. We have received phenomenal response for all the projects. In January to March quarter we sold around 0.7 million square feet across all the project that we have launched. The commercial demand is slowly picking up."

Below is the verbatim transcript of Kalele's interview with Elan Dutta of CNBC-TV18. Also watch the accompanying video.

Q: Could you outline your performance numbers for us to begin with?

A: For the financial year ending March 31, 2011 on a year-on-year basis, our operating income has grown by 40%. Our profits for the whole year has grown by 57% PBT before tax as compared to last year.

Q: Could you outline your quarter numbers for us?

A: On a stand alone basis, last quarter we closed at around Rs120 crore as compared to Rs 30 crore for the previous quarter last year.

Also Read: Pune project phase I financial closure reached: Kolte Patil

Q: Could you outline your launches for us, your building townships as well as IT parks, what is on the annual?

A: We have launched around two new schemes in the last two months. Our 450 acres proposed township is scheduled for launch in July. We have received decent sales already in that. We hope to commence construction very soon on that front.

Q: And how is the demand scenario looking like?

A: The demand is very good. The residential segment is doing very good. We have received phenomenal response for all the projects. In the January to March quarter we have sold around 0.7 million square feet across all the project that we have launched. The commercial demand is slowly picking up, that is the feedback we are getting from the market.

Q: So residential demand is looking good, commercial demand is picking up and any fund raising plans that you would like to share with us going forward?

A: The company is pretty well capitalized as of now with a very low debt to equity. We have unutilized credit lines, so we are looking at all the growth plans from the internal accruals.