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Shares of Kolte-Patil Developers Ltd. gained on Tuesday, October 13, after the company reported its business update for the second quarter. The stock has now given up most of those morning gains.
For the September quarter, Kolte-Patil's sales value increased by 52% from last year to ₹1,019 crore, compared to ₹670 crore reported during the year-ago quarter. According to the company's exchange filing, these were the highest-ever quarterly sales reported by them.
Realisations for the quarter stood at ₹7,829 per square feet, which is nearly the same level as the ₹7,823 per square feet it reported during the year-ago period.
Kolte-Patil Developers' collections increased by 33% to ₹795 crore in the September quarter from ₹596 crore in the previous fiscal.
The company said it also reported its strongest-ever launch performance in the quarter under review. It said it launched approximately 1 million square feet at "Vyana at The Reserve" in Vadgaon, Pune. The project generated sales of ₹616 crore, marking the strongest launch performance in the company's history.
Kolte-Patil's chief executive officer (CEO) Hrishikesh Parandekar said that while demand has softened in the near term across the broader market, particularly in Pune, the company has continued to deliver strong business momentum.
"The long-term fundaments of India's residential real estate market remain favourable, driven by urbanization, rising aspirations and an increasing preference for quality housing," he said. The sector is also witnessing consolidation with established developers well positioned to benefit from evolving homebuyer preferences, Parandekar added.
Kolte-Patil's CEO added that, with an established presence across Mumbai, Pune and Bengaluru, the company sees significant opportunities to deepen our market presence and expand our development portfolio," Parandekar said.
Shares of Kolte-Patil Developers, after having made an intraday high of ₹445.4, are now up only 1% to trade at ₹430 on Tuesday. The stock is now up 10% so far this year.
Also Read: Aequs shares in focus after securing long-term supply agreements with Safran
For the September quarter, Kolte-Patil's sales value increased by 52% from last year to ₹1,019 crore, compared to ₹670 crore reported during the year-ago quarter. According to the company's exchange filing, these were the highest-ever quarterly sales reported by them.
Realisations for the quarter stood at ₹7,829 per square feet, which is nearly the same level as the ₹7,823 per square feet it reported during the year-ago period.
Kolte-Patil Developers' collections increased by 33% to ₹795 crore in the September quarter from ₹596 crore in the previous fiscal.
The company said it also reported its strongest-ever launch performance in the quarter under review. It said it launched approximately 1 million square feet at "Vyana at The Reserve" in Vadgaon, Pune. The project generated sales of ₹616 crore, marking the strongest launch performance in the company's history.
Kolte-Patil's chief executive officer (CEO) Hrishikesh Parandekar said that while demand has softened in the near term across the broader market, particularly in Pune, the company has continued to deliver strong business momentum.
"The long-term fundaments of India's residential real estate market remain favourable, driven by urbanization, rising aspirations and an increasing preference for quality housing," he said. The sector is also witnessing consolidation with established developers well positioned to benefit from evolving homebuyer preferences, Parandekar added.
Kolte-Patil's CEO added that, with an established presence across Mumbai, Pune and Bengaluru, the company sees significant opportunities to deepen our market presence and expand our development portfolio," Parandekar said.
Shares of Kolte-Patil Developers, after having made an intraday high of ₹445.4, are now up only 1% to trade at ₹430 on Tuesday. The stock is now up 10% so far this year.
Also Read: Aequs shares in focus after securing long-term supply agreements with Safran
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