HDFC Securities' research report on Kolte Patil Developers
We attended the Kolte Patil (KPDL) analyst meet in Pune where it showcased a few of its projects including its flagship township project - Life Republic (LR), its premium project 24K (fully sold-out) and one of its affordable projects Little Earth (a brownfield acquisition of stalled project). In summary, KPDL is targeting a higher mix of premium projects (under 24K brand) and higher sale volume affordable housing in LR, Little Earth and other projects; it expects to generate enough cash flow through this mix to support its annual Business Development (BD) capex of INR 4-5bn which is INR 25-30bn worth of GDV. Also, KPDL is expected to achieve INR 27bn presales in FY24, helped by robust priority launches of INR 57bn.
Outlook
We remain constructive on the KPDL growth story and maintain BUY, with an unchanged SOTP-based TP of INR 380.
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