Pune-based realty company Kolte-Patil Developers disappointed street with the third quarter consolidated net profit falling 33 percent year-on-year to Rs 20.4 crore on lower revenues.
Consolidated net sales dropped 16.5 percent to Rs 186 crore in the quarter ended December 2013 from Rs 222.8 crore in a year ago period.
Total expenses of the real estate developer declined 19.5 percent to Rs 132 crore compared to a year ago period, driven by fall in cost of construction (cost of land and materials consumed).
Finance cost increased 11 percent to Rs 12 crore while tax expenses plunged 24 percent to Rs 15.8 crore during December quarter year-on-year.
Meanwhile, other income slipped significantly to Rs 1.9 crore from Rs 9.2 crore during the same period.
At 13:40 hours IST, the stock was down 5.5 percent to Rs 79.90 amid high volumes on the BSE.
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