Pune, August 4, 2023: Pune-based real estate major, Kolte-Patil Developers Ltd, has reported an impressive financial performance for the first quarter of FY24. The company’s net profit during the April-June quarter soared by 116 percent, reaching Rs 46 crore compared to the Rs 21.2 crore recorded in the same period of the previous fiscal.
Kolte-Patil Developers also witnessed significant growth in its revenue for the first quarter, which stood at Rs 571 crore, marking an extraordinary surge of 185 percent on a year-on-year basis. Additionally, the company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 94 percent, reaching Rs 91 crore, as detailed in an official exchange filing.
Rahul Talele, Group CEO of Kolte-Patil Developers Limited, expressed satisfaction with the company’s Q1 performance, highlighting the continuation of a strong performance trajectory from the previous fiscal year. He noted, “We have seen a deeper customer engagement across projects, resulting in the key operating metrics showing solid expansion.”
Furthermore, the company’s strategic initiatives in FY24 have been noteworthy. It has successfully acquired projects with a substantial top-line potential of around Rs. 3,450 crore. This portfolio includes four projects spanning diverse micro-markets within the Mumbai Metropolitan Region (MMR) and two projects in Pune.
Kolte-Patil Developers remains committed to exploring business development opportunities in its targeted markets, aiming to expand its footprint based on innovative and capital-efficient growth strategies. The company’s focus on delivering value across the entire ecosystem of stakeholders, including buyers, underscores its commitment to quality and holistic growth.
As the nation’s economic landscape evolves, and hybrid work formats become more prevalent, the demand for residential properties, particularly larger homes, has surged. In this context, the trend of seeking quality developers is on the rise, with buyers increasingly turning to established players in the real estate industry. Kolte-Patil Developers is well-positioned to capitalize on this trend and continue delivering value to its stakeholders.
Investors and industry observers will be keen to watch how Kolte-Patil Developers capitalizes on its strong performance in the coming quarters, leveraging its innovative approach, strategic acquisitions, and commitment to quality and growth.
