On a consolidated basis, Kolte-Patil Developers' net profit stood at Rs 20.90 crore in Q4 FY21 compared with net loss of Rs 2.18 crore in Q4 FY20.
Net sales surged 33.52% to Rs 296.08 crore in Q4 FY21 as against Rs 221.74 crore in Q4 FY20. Pre-tax profit stood at Rs 28.47 crore in Q4 FY21 as against a pre-tax loss of Rs 3.18 crore in Q4 FY20. EBITDA stood at Rs 38.90 crore in Q4 FY21 as against Rs 3.80 crore in Q4 FY20. EBITDA margin improved to 13.1% in Q4 March 2021 from 1.7% in Q4 March 2020.
Volumes jumped 27.1% to 0.85 million sq. ft. in Q4 March 2021 as compared to 0.67 million sq. ft. in Q4 March 2020. Value spurted 42.7% to Rs 510.90 crore in Q4 FY21 as against Rs 358.10 crore in Q4 FY20. Realization grew 12.3% to Rs 5,988 per sq. ft. in Q4 March 2021 over Rs 5,333 per sq. ft. in Q4 March 2020. Collections gained 16.8% to Rs 441.50 crore in Q4 FY21 from Rs 378.10 crore in Q4 FY20.
Commenting on the Q4 performance, Gopal Sarda, the group chief executive officer (CEO) of Kolte-Patil Developers, said: "We have hit significant sales milestones in Q4 FY21. Q4 FY21 has been our best ever sales quarter in the last six years both in terms of volume and value. Sales traction has been strong across markets of Pune, Mumbai and Bengaluru as well as across product categories. Our robust sales & marketing machinery and brand equity is getting increasing recognition in Mumbai and Bengaluru as well. Contribution from projects in Mumbai and Bengaluru have now expanded to Rs 300 crore, which is 25% of FY21 sales value of Rs 1,200 crore, diversifying the business portfolio further."
"Evara, which was launched towards the end of Q3, our first new launch in Mumbai in four years, has sold 54 units till Q4, which is 75% of the total inventory in the project. Further, we have recently launched Verve at Goregaon and Vaayu at Dahisar; and both projects have seen encouraging traction in a very challenging period. We have put in concerted efforts to strengthen our Mumbai operations and are happy with the way our Mumbai story is shaping up. Coming into FY22, we expect to record a strong performance from Mumbai, 2x of FY21 contribution, on the back of Evara, Verve, Vaayu and the balance RTMI inventory in Jai Vijay."
"Another, significant milestone was Q4 FY21 recording best ever collections - highest in the company's three-decade history. This follows Q3 FY21, which was the best ever collections quarter till Q4 FY21. We are happy to share that during FY21, based on further improvement in liquidity in our business operations, there has been a reduction of Rs 124 crore in KPDL's net debt. This is the second consecutive year of net debt reduction at KPDL. Our net debt to equity stands at 0.24 as on 31 March 2021. Given our collections growth and lower interest outgo, we have delivered healthy OCF of over Rs 400 crore despite FY21 being a pandemic year. This performance also evidences working capital efficiency where we have managed overheads, construction costs, investments and tax payments seamlessly."
"We remain focused on our growth initiatives and have added a combined saleable area of 3.5 msf to our portfolio in the last four months. We look forward to build on our business development intensity with structured transactions and scale up the profitable, operating cash flow generating business that we have built and deliver stronger ROCEs and IRRs. We have created an efficient S&M engine which has achieved the targeted geographic mix, invested in the business and yet finished with higher cash flows, moderated debt on the books despite payments, strengthened sales pipeline for next round of growth and are proceeding towards outperformance. To sum up, we have built a solid self-sustainable company geared up to capitalize on the industry consolidation and create newer records in the coming years," Mr Sarda signed off.
Meanwhile, the board of the real-estate company appointment of K. N. Swaminathan as chief financial officer (CFO) with effect from 31 May 2021.
Kolte-Patil Developers is a real estate company with dominant presence in the Pune residential market.
Shares of Kolte-Patil Developers declined 2.37% to Rs 224.85 on BSE. The scrip traded in the range of Rs 223.50 to Rs 238 in intraday.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
