HDFC Securities' research report on Kolte Patil Developers
Kolte Patil Developers Ltd. (KPDL) delivered strong 4QFY17 revenue growth of 62.5% YoY. Outperformance was led by Life Republic, Mirabillis and Corolla projects. The impact of demonetization seems to be largely behind with KPDL pre-sales rebounding 72% QoQ to 0.55mn sqft (last 12 quarters average run-rate).
Outlook
KPDL with 70% of launch portfolio (7.5mn sqft) under LIG/MIG segment will be key beneficiary of Government affordable housing stimulus. This shall result in strong pre-sales recovery from FY19E. We upgrade KPDL to BUY from NEU, increase NAV based TP to Rs 195/sh (vs Rs 177/sh earlier).
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