May 24, 2024: Pune based real estate developer Kolte-Patil Developers, with growing presence in Mumbai and Bengaluru, announced its audited results for Q4FY24 and FY24. The company saw the highest-ever annual sales value of Rs 2,822 crore in FY24, a 26% YoY increase as compared to Rs 2,232 crore in FY23. The sales volume saw a 20% YoY growth in FY24 at 3.92 msf as compared to 3.27 msf in FY23.
In Q4FY24, the company achieved annual sales value of Rs 743 crore, a 6% YoY growth as compared to Q4FY23 that achieved Rs 704 crore.
Commenting on the performance for Q4 and FY24, Rahul Talele, group CEO, Kolte-Patil Developers said, “I am happy to report robust operational performance for FY24, with record-high sales value, volumes, and collections. The residential real estate sector experienced remarkable growth this year due to factors such as rising disposable incomes, greater affordability, robust economic growth, policy reforms, and stable interest rates that encouraged home buying. Capitalising on this rising demand for home ownership and high quality living, we launched new projects worth Rs 3,816 crore. These projects, aligned with the evolving needs of our customers, enabled us to achieve an impressive 63% pre-sales from these newly launched projects.”
He added, “In FY24, our sales grew by 26% YoY to Rs 2,822 crore, and volumes increasing by 20% YoY to 3.9 msf. Strong execution led to rapid progress across projects, resulting in highest-ever collections of Rs 2,070 crore. We ended the year with revenues of Rs 1,372 crore. Balance sheet remains healthy and cash flows robust, enabling the board to recommend a final dividend of Rs 4 per equity share.”
Talele also mentioned, “As we look to the future, we remain confident in the long-term prospects of the real estate sector. In FY25, we are confident of delivering sales of Rs 3,500 crore. The solid foundation laid in FY24 positions us to achieve even greater milestones in FY25 and beyond, with a focus on innovation, execution excellence, and enhancing customer experience.”
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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