Kolte Patil Developers surges 4% on robust growth in Q1 sales value

Kolte Patil Developers surges 4% on robust growth in Q1 sales value

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Shares of Kolte Patil Developers rose 4 percent on July 13 after the company posted a 58 percent Y-o-Y growth in sales value at Rs 701 crore during Q1 FY24.

Strong volumes were achieved on the back of new launches and existing sustenance of inventory. New launches contributed approximately 43 percent to the pre-sales value during the quarter, the Pune based company said in a regulatory filing.

At 8:39 am, shares of the company were trading 1.1 percent higher at Rs 389.35 on the BSE. The scrip has rallied over 50 percent in the past three months.

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“Sales improved 58 percent by value and 52 percent by volume over Q1 FY23, on the back of strong traction across new launches and on-going projects,” said Rahul Talele, Group CEO, Kolte Patil Developers. He added that the customer sentiment remains robust and the developer is well positioned to capitalise on this demand for larger homes and differentiated offerings.

During the quarter, realizations improved 4 percent YoY to Rs 7,545 per square foot. Meanwhile, collections were up 8 percent YoY to Rs 513 crore in the June quarter.

Strong focus on sales, registrations, and construction translated into strong collections during the quarter under review, Kolte Patil Developers said.

The company is confident of sustaining the momentum throughout this year on the back of strong economic tailwinds, robust pipeline of launches, and a strong Balance Sheet.

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