Kolte-Patil Developers posted a good set of earnings in Q4. In an interview to CNBC-TV18, Gopal Sarda, CEO-Mumbai & Group President of Kolte-Patil Developers spoke about the results and his outlook for the company.
Gopal Sarda, regional head - Mumbai at Kolte Patil, says the company hasn't undertaken any price cuts
Gopal Sarda, Regional Head Mumbai, Kolte Patil says the company didn't hit the threshold limit of revenue recognition in Q2 for its projects - Jazz, Bavdhan, Giga Residencies.
Sujay Kalele, Group CEO, Kolte-Patil Developers told CNBC-TV18 that delay in revenue recognition for two projects impacted second quarter earnings.
The company reported a consolidated total income from operations of Rs 175.63 crore and a net profit of Rs 14.47 crore for the quarter ended Jun '15.
Kolte-Patil Developers‘ third quarter (October-December) profit after tax declined 3 percent year-on-year (up 56 percent sequentially) to Rs 19.8 crore, impacted by higher tax, finance cost and lower other income.
Welcoming the RBI‘s decision to cut repo rate by 25 bps ahead of the February 3 policy, Sujay Kalele, Group CEO, Kolte-Patil Developers, said he sees borrowing cost coming down.
The company has collaborated to develop NOW Realty residential project â€˜Sereno‘ that offers 0.6 msf of saleable area.
Lauding the central government‘s decision yesterday to ease foreign direct investment norms for construction, Sujay Kalele, Group CEO of Kolte-Patil Developers, said the policy measure would be a big boost to the real estate sector.
Sujay Kalele- managing director, Kolte Patil Developers says the company's Q2 sales were similar to Q1.
The realty firm also obtained locational clearance for first phase of 475 acre Sanjivani township in Talegaon, Pune and is planning to launch the first phase in Q4FY15
Sujay Kalele,Group CEO, Kolte Patil says the company has three projects that are in various stages of receiving approvals having about .35 million square feet of saleable area.
Sujay Kalele, Group Ceo, Kolte-Patil Developers, says the projects will be launched in Q4FY15 and is likely to attract better margins than the prevailing deals.
The project that cost the company Rs 350 crore has been accrued by taking a loan of Rs 60 crore. However, all of it has been factored in the earlier quarters and hence, there is no incremental loan for the company, explains Sujay Kalele, chief executive officer, Kolte-Patil Developers.
Ready reckoner rates are calculated using the built-up area of a property and are used to determine its market value. Before 2008, it used to be calculated using the carpet area.
Sujay Kalele, Group CEO, Kolte-Patil Developers, expects average realisation to be Rs 5,200-Rs 5,400 per sq ft for the entire financial year.
Despite the challenging environment, the company posted strong numbers in Q2. Speaking to CNBC-TV18 on the same, Kalele says realisations were delayed due to slow construction activities.
Sujay Kalele, Group CEO, Kolte-Patil Developers, says Pune is a stable market and they are targeting Rs 900 crore revenue realisation for FY14.
Kolte Patil, Pune‘s realty giant has no plans to delay any project launches in the city following a current slowdown, CEO Sujay Kalele told CNBC-TV18.
Sujay Kalele, Group CEO of Kolte-Patil Developers Ltd told CNBC-TV18 that his expectation for the overall sales for this particular year is about 2.5-3 million square feet.
The company has improved on margins this quarter substantially, says Sujay Kalele, Group CEO, Kolte-Patil Developers. Talking to CNBC-TV18, he says the net profit for the quarter stands at about Rs 45 crore, as against Rs 30 crore in the previous quarter.
Kolte-Patil is perhaps Pune‘s most formidable real estate developer. Now the company has its eye set on Mumbai and Bangalore.
Kolte-Patil's group chief executive officer, Sujay Kalele says the company‘s 49 percent buy out of the investor's stake was financed entirely by their internal accruals. The amount paid, according to Kalele is Rs 65 crore and will reflect in the balance sheet from the next quarter.
Sujay Kalele, vice president of the business development section of the company told CNBC-TV18 about the company‘s future ventures, expectations in 2013 and the challenges ahead.
Sujay Kalele, Chief Executive Officer of Kolte-Patil Developers credits realty developer‘s projects in Pune and Bangalore for their robust performance in the second quarter