- Sales bookings up 38% YoY at 1.9 msf.
- Sales value up 48% YoY to Rs. 1,077 crore
- 9M FY15 Revenue at Rs. 535 crore and PAT at Rs. 52 crore
Mumbai, 23rdJanuary, 2015:Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL), a leadingPune-based real estate player announced its results for the third quarter and nine months ended 31st December, 2014.
Operational Highlights – Q3 FY15
- The Company recorded new sales bookings of 0.64 msf. in Q3 FY15 up 46% YoY against 0.44 msf. in Q3 FY14
- The value of area sold stood at Rs. 390 crore in Q3 FY15 up 54% YoY as compared to Rs. 253 crore in Q3 FY14
- The average sales price realization stood at Rs. 6,063 per sq. ft. in Q3 FY15 as compared to Rs. 5,730 per sq. ft. in Q3 FY14
- Collections were strong at Rs. 260 crore, up 13% YoY and 29.5% QoQ
Operational Highlights – 9M FY15
The Company recorded new sales bookings of 1.9 msf. in 9M FY15, up 38% YoY against 1.3 msf. in 9M FY14
- The value of area sold stood at Rs. 1,077 crore in 9M FY15, up 48% YoY as compared to Rs. 728 crore in 9M FY14
- The average sales price realization stood at Rs. 5,813 per sq. ft. in 9M FY15 as compared to Rs. 5,434 per sq. ft. in 9M FY14, higher by 7% YoY
- Collections were strong at Rs. 652 crore
Financial Highlights – Q3 FY15
- Revenues were up 17% YoY and 40% QoQ to Rs. 220 crore
- EBITDA was up 15% YoY and 58% QoQ to Rs. 66 crore
- PAT (post minority interest) was down 3% YoY and up 56% QoQ to Rs. 19.8 crore
- EPS for Q3 FY15 stood at Rs. 2.61 as compared to Rs. 2.69 in Q3 FY14 and Rs. 1.68 in Q2 FY15
Financial Highlights – 9M FY15
- Revenues were down 10% YoY to Rs. 535 crore
- EBITDA was down 14% YoY to Rs. 156 crore
- PAT (post minority interest) was down 35% YoY to Rs. 51.7 crore
- EPS for 9M FY15 stood at Rs. 6.6 as compared to Rs. 10.42 in 9M FY14
Mr. Sujay Kalele, Group CEO, Kolte-Patil Developers Ltd. said, “We continue to sustain oursales momentum recording an increase of 46% YoY in our pre-sales to 0.64 msf. We sold 439 units during the quarter – almost five units a day. This takes our pre-sales to 1.9 msf. in the 9M FY15, higher by 38% in volume terms and 48% in value terms to Rs. 1,077 crore. We have also seen a healthy ~30% sequential uptick in our collections this quarter to Rs. 260 crore which is highly encouraging.
Projects launched earlier this year in Pune continue to perform well, especially Three Jewels at Kondhwa, where sales have been strong and we have been able to achieve significant price appreciation within a short time period, testimony to the success of our pan-Maharashtra marketing strategy. In Mumbai, we commenced the execution of our Link Palace project on Khar-Linking road in December, in line with our guidance. Further, we are happy to announce three more wins in the Western suburbs of Mumbai in Khar (W), Malad (W) and Goregaon (W), taking the total tally to six redevelopment projects in Mumbai with a saleable area of ~0.6 million sft. and establishing ourselves as one of the largest listed real estate developers in the society redevelopment space. We will continue to expand in Mumbai through suitable redevelopment projects.
We are excited as we enter into 2015 with a new, revamped way of engaging our customers and channel partners with the launch of our mobile application – initiatives like these will help us improve the level of transparency and engagement and take our connect with the customers and channel partners to a new level. Going forward, one should expect to see more such consumer-friendly initiatives from our end.
The RBI’s recent rate cut signals turn of the economic cycle and bodes well for the sector going forward. We expect to see a significant uptick in our revenue and profit trajectory going forward as we continue to execute to the strategic vision we have laid out.”