January 25, 2024: Real estate firm Kolte-Patil Developers on January 24, 2024, announced its financial results for Q3 FY24 and 9M FY24 ended December 31, 2023. During the first nine months of financial year 2023-34 (9M FY24), the company clocked its highest ever sales value of Rs 2,079 crore, up by 36% YoY. It recorded its highest ever sales volume of 2.98 million square foot (msf) during 9M FY24, marking an increase of 26% YoY. The company’s revenue during 9M FY24 stood at Rs 845 crore, up by 22% YoY. The net debt as on December 21, 2023, stood at Rs 32 crore while the EBITDA in 9M FY24 increased by 266% YoY to Rs 58 crore.
| Operation highlights for 9M FY24 | |||
| New area sales | 9M FY24 | 9M FY23 | YoY |
| Volume (msf) | 2.89 | 2.30 | 26% |
| Value (Rs) | 2,079 crore | 1,528 crore | 36% |
| Realization (Rs/sqft) | 7,183 | 6,643 | 8% |
| Collections (Rs) | 1,478 crore | 1,313 crore | 13% |
During the third quarter of financial year 2023-34 (Q3 FY24), the company clocked sales value of Rs 746 crore, up by 18% QoQ, and recorded sales volume of 0.98 msf. The company’s collections during Q3 FY24 stood at Rs 493 crore, up by 4% QoQ.
| Operation highlights for Q3 FY24 | |||||
| New area sales | Q3 FY24 | Q2 FY24 | Q3 FY23 | QoQ | YoY |
| Volume (msf) | 0.98 | 0.98 | 1.13 | – | -13% |
| Value (Rs) | 746 crore | 632 crore | 716 crore | 18% | 4% |
| Realization (Rs/sqft) | 7,579 | 6,426 | 6,339 | 18% | 20% |
| Collections (Rs) | 493 crore | 472 crore | 435 crore | 4% | 13% |
Rahul Talele, group CEO, Kolte-Patil Developers, said, “KPDL has been delivering progressively expanding operating milestones over the last few years, sustaining the momentum in FY24. During the third quarter and nine months of the current financial year, we reported the highest ever pre-sales of Rs 746 crore and Rs 2,079 crore, respectively. Strong sales volumes and higher realizations from increased contribution from our 24K project contributed to this performance. Firm collections support the execution machinery and project timelines. We continue to see significant demand across product segments and in geographical markets of our focus. We achieved the highest ever pre-sales of 1.7 msf for 9M FY24 at our flagship project, Life Republic, underscoring the strong market acceptance and demand.”
“We see improved long-term affordability parameters for real estate, established flexible, hybrid work formats and sustained investment infrastructure and connectivity investments by the government, supporting housing demand across our key markets. Robust economic activity is expected to sustain despite global headwinds and India is expected to remain one of the fastest growing major economies. This optimism is reflected in the positive customer sentiment. Residential real estate demand will remain buoyant and we will continue to explore business development opportunities across micro-markets in our key operating geographies. For the year to date, we have acquired projects with the total top-line potential of Rs 4,000 crore,” Talele added.
“We look forward to closing the year that exceeds all our previous operating benchmarks of sales, realizations and collections. We are also focused on achieving business diversification objectives, with enhanced contributions from existing projects, pipeline of new launches and additions of new projects across Pune, Mumbai and Bengaluru. With the trend of consolidation and formalization of the sector gaining further traction, buyers and land owners continue to turn to quality developers and we are well-positioned to use our strong market position and customer relationships to deliver value across the entire ecosystem of stakeholders,” he further said.
| Financial highlights for Q3 FY24 and 9M FY24 | |||||
| P&L snapshot (Rs crore) | 9M FY24 | 9M FY23 | Q3 FY24 | Q2 FY24 | Q3 FY23 |
| Revenue from operations | 845.1 | 691.5 | 75.8 | 198.2 | 368.1 |
| EBITDA | 58.0 | 15.8 | -36.7 | 3.5 | -25.5 |
| EBITDA Margin | 6.9% | 2.3% | -48.4% | 1.8% | -6.9% |
| Net Profit (post-MI) | -42.2 | -13.4 | -62.9 | -25.3 | -25.8 |
| PAT margin | -5.0% | -1.9% | -83.0% | -12.8% | -7.0% |
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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