Kolte-Patil Developers net profit declines 76.10% in Q3FY22

11 Feb 2022 , 11:17 AM

Kolte-Patil Developers Ltd., a leading Pune-based real estate player, with growing presence in Mumbai and Bengaluru, announced its results for the third quarter ended 31st December, 2021. Net profit of the company declined 76.10% to Rs5.37 crore in the quarter ended December 2021 as against Rs22.47 crore during the previous quarter ended December 2020.

Sales rose 26.30% to Rs240.32 crore in the quarter ended December 2021 as against Rs190.27 crore during the previous quarter ended December 2020.

Operational Highlights — 9MFY22

New area sales	9MFY22	9MFY21	YoY
Volume (million sq. ft.)	1.93	1.22	58%
Value (Rs. million)	12,384	6,756	83%
Realization (Rs./Sq. ft.)	6,403	5,553	15%
Collections (Rs. million)	10,740	6,869	56%

Operational Highlights — Q3FY22

New area sales	Q3FY22	Q2FY22	Q3FY21	QoQ	YoY
Volume (million sq. ft.)	0.86	0.67	0.55	28%	56%
Value (Rs. million)	5,613	4,290	3,170	31%	77%
Realization (Rs./Sq. ft.)	6,489	6,370	5,762	2%	13%
Collections (Rs. million)	4,212	3,738	3,815	13%	10%

Commenting on the performance for Q3 & 9MFY22, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “We have hit significant sales milestones in Q3FY22, which has been our best-ever quarter in the last seven years both in terms of sales volume and value. Sales value in the quarter at Rs561 crore, improved 77% YoY and 31% QoQ; while sales volumes in Q3FY22, at 0.86 msf, improved 56% YoY and 28% QoQ. We have now achieved sales value of Rs1,238 crore in 9MFY22, which is more than the full year sales value of Rs1,201 crore for FY21. Overall, our business has the momentum to end FY22 on a strong note.

Sales traction has been strong across the markets of Pune, Mumbai and Bengaluru as well as across product categories. Life Republic continues to be a landmark, and has been the top selling project in the entire Pune market in CY21. During the quarter, we successfully launched R16M and R1C sectors at Life Republic. Overall at Life Republic we have sold 470 units and at Universe we have sold 264 units during Q3. Further, Equa at Wagholi launched during the end of December has witnessed a healthy response, despite the onset of the third wave.

Our robust sales machinery and brand equity is getting increasing recognition not only in Pune but in Mumbai and Bengaluru as well. Our diversification story continues to play out well, with Mumbai portfolio contributing on up to 25% of total sales value. Mumbai region reported sales value of Rs143 crore in Q3FY22, as against Rs57 crore in Q3FY21, on the back of an uptick in Verve and sustained momentum in Vaayu. Mumbai also contributed Rs321 crore to Sales Value in 9MFY22, significantly higher than full year Mumbai Sales Value of Rs180 crore in FY21. Bengaluru also recorded sales value Rs30 crore in Q3FY22, taking the contribution from projects outside Pune to ~31% during the quarter.

The third wave has not impacted workforce materially so far and construction continued at a healthy pace. An improved momentum in sales, registrations, construction and CRM drove Q3FY22 collections up 10% YoY and 13% QoQ to Rs421 crore. The liquidity in our business operations further strengthened, resulting in reduction of Rs42 crore in net debt. We have reduced our net debt by Rs138 crore in 9MFY22. Our net debt to equity stands at 0.19 as on December 31, 2021.

Going forward, KDPL is geared up to scale its operations while maintaining a strong balance sheet. We have a robust pipeline of launches for the next few quarters across our three core markets with aggregate saleable area of ~5.38 million sq.ft. and aggregate topline potential of ~Rs4,600 crore. Further, we are evaluating several business development opportunities in line with our aggressive growth objectives. The focus remains on creating many more performance records and enhance value for all our stakeholders.”