Emkay's research report on Kolte-Patil Developers
KPDL sells 0.60msf for Rs 3.44bn, flat QoQ and increase of 32% YoY; in-line with our estimates. Company soft launched phase 2 of Jazz with total sale-able area of 0.7msf
Collections for the quarter stood at Rs 2.01bn, up by 5% QoQ and down by 26% YoY, marginally below our estimates. Construction cost cash outflow stood at Rs 0.85bn vs. Rs 0.95bn in QoQ
Q2FY15 reported financials were significantly below estimates as higher fixed costs eroded operating profitability and lower Dividend Income added to much lower PAT. Net debt remains flat at Rs 1.4bn QoQ
Change in Pune’s housing FSI computation norms benefits KPDL with increase in SBA of its on-going projects by ~1.5msf, the premium cost for which is meagre Rs 200 / sf
"Despite of weak financials, we remain bullish as company will grow on back of aggressive launch pipeline leading to growth in sales booking trajectory. Company reiterates its aggressive sales booking target of Rs 72bn over next 3 years, which is 2x of what it achieved in last 3 years. We maintain Buy rating with TP of Rs 250", says Emkay Global Financial Services research.
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