Kolte-Patil Developers fell 2.15% to Rs 173 after the company reported a consolidated net loss of Rs 26.98 crore in Q1 FY21 as against a net profit of Rs 115.9 crore in Q1 FY20.
Revenue from operations slumped 75.96% year-on-year (YoY) to Rs 140.8 crore during the quarter.
The company reported an EBITDA loss of Rs 12.5 crore with a negative EBITDA margin of 8.9% in Q1 June 2020. It had reported an EBITDA of Rs 195.1 crore with an EBITDA margin of 33.3% in Q1 June 2019.
Commenting on the performance for Q1 FY21, Gopal Sarda, Group CEO, Kolte-Patil Developers, said, "In the first quarter, various phases of lockdown led to the curtailment of human as well as business activity weighing down on almost every sector of the Indian economy, particularly real estate.
As could be expected, sales momentum in Q1 has been weaker with volume at 0.31 msf (million square feet) and sales value at Rs 164 crore during the quarter. However, we are highly encouraged by the number of deal closures achieved across projects and products in the backdrop of widespread and protracted weakness in all discretionary spending activity.
Given the lockdown for major portion of the quarter, construction, banking and registration activity suffered severely, thereby adversely impacting collections. However, the labor force strength is gradually increasing and reached at approximately 55-60% in mid-August from approximately 40% at the end of June. We are already recording month-on-month improvement in sales, collections and construction activities, which are expected to deliver an improvement in the second quarter.
Efficient working capital management and sustained cash flow generation has resulted in stable liquidity position for the Company. We have sufficient undrawn bank limits, good pipeline of new launches, sufficient sold receivables, meaningful RTMI (ready to move in) inventory with OC and unreleased inventory which will further improve our free cash flows.
Our overall performance during the remaining nine months of FY21 is expected to be better.
Kolte-Patil Developers is a real estate company with dominant presence in the Pune residential market. The company has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of approximately 20 million square feet across Pune, Mumbai and Bengaluru.
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