Kolte Patil Developers falls 4.5% after reporting net loss of Rs14cr

Revenue from operations stood at Rs191.9cr (completion contract method) in Q2FY20 vs. Rs211.04cr in Q2FY19.

Nov 11, 2019 08:11 IST India Infoline News Service

Kolte-Patil Developers. a leading Pune-based real estate player, announced its results for the second quarter and first half ended 30th September, 2019.

Revenue from operations stood at Rs191.9cr (completion contract method) in Q2FY20 vs. Rs211.04cr in Q2FY19.

EBDITA came in at Rs31.9cr in Q2FY20 vs. Rs42.5cr in Q2FY19. EBDITA margin stood at 16.6% in Q2FY20 vs. 20.1% in the year-ago period.

The company incurred a net loss at Rs14cr in the September 2019 quarter vs. profit of Rs10.2cr in the year-ago period. 

Commenting on the performance for Q2GY20 & H1FY2O, Mr. Gopal Sarda, Group CEO, KoltePatil Devefopers Lamited said, "Fully recognizing the importance of a vibrant real estate ecosystem in fulfilling our potential as an emerging economic superpowert the Government has followed up its prcviously implemented structural policy initiatives with the recently announced measures that will go a long way to impart liquidity into the system, drive progress in stalled projects, capitalize stressed developers and provide new employment opportunities to millions - consequently boosting housing demand as homebuyers' confidence returns."

Stock View:

Kolte Patil Developers Ltd is currently trading at Rs262 down by Rs7.95 or 2.94% from its previous closing of Rs269.95 on the BSE.

The scrip opened at Rs270.95 and has touched a high and low of Rs274.25 and Rs255.35 respectively. So far 3,78,528 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs2,046.62cr.

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