Realty player Kolte-Patil Developers today reported a 54 per cent increase in net profit for the quarter ended September 30 at Rs 30 crore on the back of higher sales.
The company had reported a net profit of Rs 19.3 crore in the corresponding quarter of last fiscal.
Its revenue for the July-September quarter grew by 72 per cent to Rs 389 crore from Rs 226 crore in Q2 FY17, the company said in a statement issued here.
During the quarter, the company recorded new sales bookings of 5.9 lakh sqft as compared to 5.7 lakh sqft in Q2 FY17.
The value of area sold stood at Rs 334 crore in Q2 FY18 as compared to Rs 329 crore in Q2 FY17.
"We have seen an uptick in sales velocity during the quarter after a subdued Q1 on account of the uncertainty leading upto GST and the implementation of RERA," Group CEO Gopal Sarda said.
He said nearly 75 per cent of the sales contribution during the quarter has come from their MIG portfolio, which continues to find better visibility with buyers.
"This takes our tally for the first half to one million square feet with a sales value of Rs 591 crore and healthy collections of Rs 452 crore, despite the fluid market conditions," Sarda said.
"We expect to see an uptick in sales and collections going into the second half of the year as customer confidence picks up with low home loan rates and the overall market settles into a RERA-compliant environment," he said.
During the quarter, the company completed the strategic divestment of its land parcel in Wakad for a consideration of Rs 161 crore.
"The company will continue to explore strategic partnerships under asset light models to enhance its overall portfolio and position the company for sustained growth," Sarda said.
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