The volume of Kolte-Patil Developers jumped 27.1% to 0.85 million square feet (sq. ft.) in Q4 FY21 over 0.67 million sq. ft. in Q4 FY20.
Strong sales momentum sustained in Q4 FY21 across regions, projects and product categories. Sale value surged 42.7% to Rs 510.90 crore in Q4 FY21 as against Rs 358.10 crore in Q4 FY20.
Sales realization soared 12.3% to Rs 5,988 per sq. ft. in Q4 FY21 from Rs 5,333 per sq. ft. in Q4 FY20. Realizations improved both in Q4 and FY21 due to increased contribution from Mumbai portfolio.
Collections spurted 16.8% to Rs 441.50 crore in Q4 FY21 as compared to Rs 378.10 crore in Q4 FY20. The Q4 FY21 collections were the highest ever in the company's three-decade history.
There has been a further reduction in net debt during Q4 FY21. Hence, strong collections and low debt have resulted in healthy OCF in FY21, despite being a year impacted by COVID-related disruptions. The company signed three new projects with a combined saleable area of 2.2 msf in Pune under capital light models.
Gopal Sarda, Group CEO, Kolte-Patil Developer, "Q4FY21was the best ever quarterfor us in terms of collections-highest in the company's three-decade history. We have had consecutive record breaking quarters in terms of collections this year and have managed to reduce net debt further during Q4. Given our collections growth and lower interest outgo, we have delivered healthy free cash flows despite FY21 being a pandemic year."
On a consolidated basis, Kolte-Patil Developers reported a net profit of Rs 25.05 crore in Q3 December 2020 as compared to a net loss of Rs 14.32 crore in Q3 December 2019. Net sales surged 46.1% to Rs 190.27 crore in Q3 FY21 over Q3 FY20.
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Kolte-Patil Developers is a real estate company with dominant presence in the Pune residential market.
Shares of Kolte-Patil Developers dropped 4.59% to Rs 224.60 on BSE. The scrip hit an intraday high of Rs 216.20 and an intraday low of Rs 240 so far.
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