Kolte-Patil Developers advanced 3.24% to Rs 271 after the company recorded 28% jump in sales value to Rs 716 crore in Q3 FY23 from Rs 561 crore in Q3 FY22.
Sales volume increased by 31% to 1.13 million square feet in Q3 FY23 from 0.86 million square feet in Q3 FY22.
The company's sales value and sales volume are higher by 95% and 102%, respectively, as compared with Q2 FY23.
Realization was Rs 6,339 per square feet, down 2% YoY and down 4% QoQ.
Collections grew by 3% YoY and 8% QoQ during Q3 FY FY23 to Rs. 435 crore.
The company said that it has launched approximately 2 million square feet of inventory across 6 projects in Pune and Mumbai. New launches contributed approximately 57% to the pre-sales value for the quarter. KPDL's flagship project, Life Republic, crossed the half million mark to record volumes of 6.62 lakh square feet, highest ever in any one quarter.
The company, through its wholly owned subsidiary Sampada Realities, has entered into an agreement with Planet Smart City, for strategic land monetization of a portion of its project 'Little Earth' at Kiwale, Pune, for approximately Rs. 78 crore, for joint development of approximately 0.65 million square feet.
It has also entered into an agreement with Marubeni Corporation (Japan) during the quarter. Marubeni will invest Rs 206.5 crore in the company's Pimple Nilakh residential project and will be entitled to approximately 2.85 lakh square feet of saleable area in the project.
During the quarter, CRISIL Ratings re-affirmed the ratings of the company's long-term bank loan facilities at 'A+/Stable', short-term bank loan facilities at 'A1' and rated non-convertible debentures as 'A+/Stable'.
Rahul Talele, Group CEO, Kolte-Patil Developers, said, Our performance in Q3 was marked by significant contribution from new launches and continued momentum of customer traction in our existing, sustenance phase projects. This keeps us on track to deliver 30% growth in pre-sales for FY23.
The Kolte-Patil Developers group is one of the largest residential real estate developers in Pune. The company has a healthy project portfolio of affordable and mid-income, and luxury residential segments through its brands, Kolte-Patil and 24K, respectively, and is expanding its presence in Bengaluru and Mumbai. The group has developed around 23 million square feet of projects, and currently has 25 ongoing projects comprising around 13 million square feet.
The company reported a net loss of Rs 8.79 crore in Q2 FY23 as against a net profit of Rs 17.70 crore in Q2 FY22. Net sales declined 59.4% YoY to Rs 123.31 crore in the quarter ended 30 September 2022.
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