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Kolte-Patil Developers Ltd. Q4 & FY24 Financial Results




Kolte-Patil Developers Ltd. Q4 & FY24 Financial Results

Highest-ever annual sales value of Rs. 2,822 crore; 26% YoY growth

Highest-ever annual sales volumes of 3.92 million sq. ft.; 20% YoY growth

FY24 Revenues stood at Rs. 1,371.5 crore

Net Debt as on 31 March 2024 stands at Rs. -25 crore

Recommended dividend of Rs. 4/- per equity share

Pune, 24 May 2024: Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL), a leading Pune-based real estate player, with growing presence in Mumbai and Bengaluru, announced its audited results for the fourth quarter ended 31 March 2024.

Operational Highlights – FY24

 

New area sales

FY24

FY23

YoY

Value (Rs. crore)

2,822

2,232

26%

Volume (million sq. ft.)

3.92

3.27

20%

Realization (Rs./sq. ft.)

7,193

6,817

6%

Collections (Rs. crore)

2,070

1,902

9%

Collections include contribution from DMA projects

 

Operational Highlights – Q4FY24

 

New area sales

Q4FY24

Q3FY24

Q4FY23

QoQ

YoY

Value (Rs. crore)

743

746

704

-

6%

Volume (million sq. ft.)

1.03

0.98

0.97

4%

6%

Realization (Rs./sq. ft.)

7,226

7,579

7,225

-5%

-

Collections (Rs. crore)

592

493

589

20%

1%

 

Commenting on the performance for Q4 & FY24, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, I am happy to report robust operational performance for FY24, with record-high sales value, volumes, and collections. The residential real estate sector experienced remarkable growth this year due to factors such as rising disposable incomes, greater affordability, robust economic growth, policy reforms, and stable interest rates that encouraged home buying. Capitalizing on this rising demand for home ownership and high quality living, we launched new projects worth Rs. 3,816 crore. These projects, aligned with the evolving needs of our customers, enabled us to achieve an impressive 63% pre-sales from these newly launched projects.

 

In FY24, our sales grew by 26% YoY to Rs. 2,822 crore, and volumes increasing by 20% YoY to 3.9 million square feet. Strong execution led to rapid progress across projects, resulting in highest-ever collections of Rs. 2,070 crore. We ended the year with revenues of Rs. 1,372 crore. Balance-Sheet remains healthy and cash flows robust, enabling the Board to recommend a final dividend of Rs. 4 per equity share.

 

As we look to the future, we remain confident in the long-term prospects of the real estate sector. In FY25, we are confident of delivering sales of Rs. 3,500 crore. The solid foundation laid in FY24 positions us to achieve even greater milestones in FY25 and beyond, with a focus on innovation, execution excellence, and enhancing customer experience.”

 

Financial Highlights – Q4 & FY24

 

P&L Snapshot (Rs. crore)

FY24

FY23

Q4FY24

Q3 FY24

Q4 FY23

Revenue from Operations

1,371.5

1,488.4

526.4

75.8

796.9

EBITDA

51.1

189.3

-6.9

-36.7

173.4

EBITDA Margin (%)

3.7%

12.7%

-1.3%

-48.4%

21.8%

Net Profit (post-MI)

-69.4

104.1

-27.1

-62.9

117.4

PAT margin (%)

-5.1%

7%

-5.1%

-83.0%

14.7%


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