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Kolte-Patil Developers Ltd — Earnings Release 2024
May 24, 2024
59438_rns_2024-05-24_040f71e9-26fd-4dbe-8606-e2e517cc9446.pdf
Earnings Release
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To, To, The Assistant Manager, The General Manager, National Stock Exchange of India Limited BSE Limited, Listing Department, Corporate Relationship Department, ‘Exchange Plaza’, 1[st] floor, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400051 Mumbai – 400001
Date: 24 May 2024
Sub: Press release on Q4 & FY24 Financial Results ISIN: Equity: INE094I01018 and Debt: INE094I07049 and INE094I07064
Ref: NSE Symbol and Series: KOLTEPATIL and EQ BSE Code and Scrip Code - Equity: 9624 and 532924 BSE Security Code and Security Name – Debt: 1. 974771 and 0KPDL33;
2. 975276 and KPDL221223
Dear Sir/Madam,
Please find attached herewith copy of press release on Q4 & FY24 Financial results.
This is for your information and record.
Thanking you,
For Kolte-Patil Developers Limited
VINOD Digitally signed by VINOD EKNATH EKNATH PATIL Date: 2024.05.24 PATIL 16:01:22 +05'30' Vinod Patil Company Secretary and Compliance Officer Membership No. A13258
Encl: As above
KOLTE-PATIL DEVELOPERS LTD.
CIN : L45200PN1991PLC129428
Pune Regd. Office: 2nd Floor, Ci ty Point, Dhole Patil Road, Punc 411001. Maharashtra, India. Tel.: +91 20 6622 6500 Fax : +91 20 6622 6511 Bangalore Office: 121, The Estate Building, 10th floor, Dickenson Road, Bangalore 560042, India. Tel.: 080- 4662 4444 / 2224 3135/ 2224 2803 Web.: www.koltepatil.com Email id: [email protected]
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Kolte-Patil Developers Ltd. Q4 & FY24 Financial Results
Highest-ever annual sales value of Rs. 2,822 crore; 26% YoY growth
Highest-ever annual sales volumes of 3.92 million sq. ft.; 20% YoY growth
FY24 Revenues stood at Rs. 1,371.5 crore Net Debt as on 31 March 2024 stands at Rs. -25 crore
Recommended dividend of Rs. 4/- per equity share
Pune, 24 May 2024: Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL), a leading Pune-based real estate player, with growing presence in Mumbai and Bengaluru, announced its audited results for the fourth quarter ended 31 March 2024.
Operational Highlights – FY24
| New area sales | FY24 | FY23 | YoY |
|---|---|---|---|
| Value(Rs. crore) | 2,822 | 2,232 | 26% 20% 6% 9% |
| Volume(million sq. ft.) | 3.92 | 3.27 | |
| Realization(Rs./sq. ft.) | 7,193 | 6,817 | |
| Collections(Rs. crore) | 2,070 | 1,902 |
Collections include contribution from DMA projects
– Operational Highlights Q4FY24
| New area sales | Q4FY24 | Q3FY24 | Q4FY23 | QoQ | YoY |
|---|---|---|---|---|---|
| Value(Rs. crore) | 743 | 746 | 704 | - | 6% |
| Volume(million sq. ft.) | 1.03 | 0.98 | 0.97 | 4% | 6% |
| Realization(Rs./sq. ft.) | 7,226 | 7,579 | 7,225 | -5% | - |
| Collections(Rs. crore) | 592 | 493 | 589 | 20% | 1% |
Commenting on the performance for Q4 & FY24, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited 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. Capitalizing 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.
In FY24, our sales grew by 26% YoY to Rs. 2,822 crore, and volumes increasing by 20% YoY to 3.9 million square feet. 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.
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.”
– Financial Highlights Q4 & FY24
| P&L Snapshot (Rs. crore) | FY24 | FY23 | Q4FY24 | Q3 FY24 | Q4 FY23 |
|---|---|---|---|---|---|
| Revenue from Operations | 1,371.5 | 1,488.4 | 526.4 | 75.8 | 796.9 |
| EBITDA | 51.1 | 189.3 | -6.9 | -36.7 | 173.4 |
| EBITDA Margin (%) | 3.7% | 12.7% | -1.3% | -48.4% | 21.8% |
| Net Profit (post-MI) | -69.4 | 104.1 | -27.1 | -62.9 | 117.4 |
| PAT margin (%) | -5.1% | 7% | -5.1% | -83.0% | 14.7% |
About Kolte-Patil Developers Limited:
Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL; KPDL), incorporated in 1991, is a leading real estate company with dominant presence in the Pune residential market, and growing presence in Mumbai and Bengaluru. Kolte-Patil is a trusted name with a reputation for high quality standards, design uniqueness, corporate governance, transparency and timely delivery of projects. The company has developed and constructed over 64 projects including residential complexes, integrated townships, commercial complexes and IT Parks covering a saleable area of >28 million square feet across Pune, Mumbai and Bengaluru. The Indian Green Building Council (IGBC) has certified several of the company’s projects. KPDL markets its projects under two brands: ’Kolte-Patil’ (addressing the mid-income segment) and ‘24K’ (addressing the premium luxury segment).
Consolidating its leadership position in Pune, the company forayed into the Mumbai market in 2013 focusing on society redevelopment projects that have lower capital intensity. The company has signed thirteen projects (two completed, five on going, six future projects) till date at prime locations across the city.
KPDL has seamlessly navigated varied economic cycles enabled by one of the lowest debt levels in the sector. The Company’s long-term bank debt has been rated ‘A+/Positive’, short-term bank loan facilities as A1 and nonconvertible debentures as A+/Positive by CRISIL.
The Company’s growth trajectory, internal processes and corporate governance practices have benefitted from partnerships with marquee financial institutions like KKR, JP Morgan Asset Management, Portman Holdings, ASK Capital, Motilal Oswal, ICICI Ventures, IL&FS, Planet Smart City and Marubeni Corporation.
Over the years, KPDL has received multiple awards and recognitions including Asia’s Greatest Brand 2017 by AsiaOne, The Economic Times - The Game Changers of Maharashtra 2018, Times Realty Icons - Best Realtor 2019, CNN NEWS18 – Developer of the Year Residential 2019, ET Now – Most Trusted Brand India’s 2019, Top Challengers 2019-20 by Construction World Global Awards Online,Trusted Brand of the Year, Times Realty, 2021- 22 and Residential High Rise Architecture India2021, Asia Pacific Property Awards (IPA).
For more details on Kolte-Patil Developers Ltd., visit www.koltepatil.com
For further information, please contact:
Dipti Rajput, CFA VP – Investor Relations Kolte Patil Developers Ltd. 1101, The Capital, BKC, Bandra (E), Mumbai – 400 051 Tel: +91 74004 81432 Email: [email protected]
Savli Mangle / Smit Shah Adfactors PR
Oasis Complex, Kamala Mills Compound, City Hall, Pandurang Budhkar Marg, Lower Parel West, Mumbai – 400021 Tel: +91 98333 61003 / +91 98707 89596 Email: [email protected] / [email protected]