Kolte-Patil Developers Q1 net profit jumps 116% to Rs 46 crore

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Pune-based listed real estate firm Kolte-Patil Developers Ltd on August 4 reported a net profit of Rs 46 crore during the April-June quarter of FY24, a jump of 116 percent from Rs 21.2 crore recorded during the same period in last fiscal.

Revenue for the first quarter stood at Rs 571 crore, up 185 percent on year while EBITDA rose 94 percent to Rs 91 crore, Kolte-Patil Developers said in an exchange filing.

“I am pleased to report that in the first quarter of the current financial year, we have continued to build on the record performance delivered in FY23. We have seen a deeper customer engagement across projects, resulting in the key operating metrics showing solid expansion," said Rahul Talele, Group CEO, Kolte-Patil Developers Limited.

Also read: Pune-based Kolte Patil signs two redevelopment projects, boosting Mumbai presence

Further, in a statement, the company said that so far in FY24 it has acquired projects with top line potential of ~ Rs. 3,450 crore. These include four projects in diverse micro-markets across the Mumbai Metropolitan Region (MMR) and two projects in Pune.

"We continue to assess business development opportunities in our targeted markets and look to expand further on the back of innovative and capital-efficient growth engagements," the company said.

Also read: Kolte Patil Developers to focus on unit price of Rs 1.5 crore to Rs 3.5 crore in Mumbai, to enter new micro-markets of Pune

The country’s economic prospects, improving lifestyles and hybrid work formats now prevalent in corporate India, have been driving residential demand especially for larger homes. With the trend of consolidation and formalisation, buyers are turning to quality developers and we look forward to deliver value across the entire ecosystem of stakeholders, the company said.