Kolte Patil shares gain 4% after developer records highest-ever quarterly pre-sales

Kolte-Patil Developers | The company recorded sharply lower profit at Rs 5.37 crore in Q3FY22 against Rs 22.47 crore in Q3FY21, revenue jumped to Rs 240.3 crore from Rs 190.27 crore YoY.

Shares of Kolte-Patil Developers surged over 4 percent on Friday after the real estate company’s operational business update for the third quarter of FY23.

At 10:54am, the scrip was trading at Rs 270, up 2.9 percent, on the BSE.

The company has a dominant presence in the Pune residential market and a growing presence in Mumbai and Bengaluru.

The Pune-based company reported the highest-ever quarterly pre-sales numbers both by value and volume in the third quarter of FY23.

“I am happy to report highest ever quarterly pre-sales of Rs 716 crore, marking a growth of 95 percent QoQ and 28 percent YoY. This growth has been achieved on the back of firm realisations and highest ever quarterly sales volumes which improved 102 percent QoQ and 31 percent YoY,” Rahul Talele, Group CEO, Kolte-Patil Developers, said.

The company’s collections came in at Rs 435 crore, up 3 percent on-year and 8 percent sequentially.

Catch up on all buzzing stocks for today here.

Kolte Patil Developers has launched around 2 million sq ft of inventory across six projects in Pune and Mumbai, with new products contributing about 57 percent to the pre-sales value for the quarter.

Talele added that new products and continued momentum of customer traction in our existing, sustenance phase projects contributed significantly to the reporting quarter’s performance.

“With increased consolidation and formalisation of the sector, buyers and land owners are turning to quality developers and Kolte-Patil is well positioned to capitalise on the opportunities with focus on delivering value across the entire ecosystem of stakeholders,” Talele said.

Catch all stock market LIVE updates for January 13 here.