Shares of Kolte-Patil Developers zoomed close to 14 percent on October 17 as investors rejoiced the company's solid Q2 business update. The real estate developer locked in its higher ever quarterly revenue in Q2.
At 11.11 am, shares of Kolte-Patil Developers were trading at Rs 432.40 on the NSE. The stellar business update also fuelled a spike in trading volumes in the counter. As much as 57 lakh shares changed hands on the exchanges so far, a meteoric rise from the one-month daily traded average of three lakh shares.
The company achieved quarterly sales value of Rs 770 crore in the July-September period, reflecting 22 percent on year growth. In Q2FY25, average realisations also rose by 16 percent year-on-year to Rs 7,472 per square foot, driven by premium projects like Life Republic (LR) and the 24K developments in Baner and Pimple Nilakh. Collections for the quarter also remained robust at Rs 550 crore.
Follow our market blog to catch all the live action
In addition to that, the company's collections in the first half of FY25 reached new highs of Rs 1,162 crore, driven by robust sales and consistent and timely execution of projects.
"Our 24K premium luxury segment continues to gain momentum, with the 24K segment contributing 30 percent to our sales in Q2FY25 reflecting the demand shift toward aspirational living," Atul Bohra, Group CEO, Kolte-Patil Developers commented on the achievement.
"Also, Life Republic township project has seen sustained volumes. Backed by a strong pipeline of launches planned in the second half of the year, we are confident about meeting our pre-sales target of Rs 3,500 crore for FY25. With robust industry trends supporting housing demand, especially in premium categories, we remain well-positioned to capitalise on the growing opportunity," he further added.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
