Real estate company Kolte-Patil Developers on May 25, 2023, announced its financial results for the quarter and financial year ended March 31, 2023. It recorded sales of Rs 2,232 crore in FY23, up by 28% YoY from Rs 1,739 crore in FY22. The sales value in Q4 FY23 increased by 41% YoY from Rs 501 crore in Q4 FY22 to Rs 704 crore. The company’s sales volume stood at 3.27 million square foot (msf) in FY23 as against 2.71 msf in FY22, marking a YoY increase of 21%. In Q4 FY23, the sales volume increased to 0.97 msf from 0.78 msf in Q4 FY22, up by 25% YoY.
Kolte-Patil Developers clocked collections of Rs 1,902 crore in FY23, up by 21% from Rs 1,574 crore in FY22. The collections for Q4 FY23 increased by 18% YoY from Rs 500 crore in Q4 FY22 to Rs 589 crore. During the financial year, the company achieved a total revenue of Rs 1,488 crore and net profit of Rs 103 crore, up by 33% YoY and 29% YoY respectively. The delivered for FY23 stood at around 3.3 msf. The net debt to equity as on March 31, 2023 stands at 0.11. The firm’s board has recommended a final dividend of Rs 4 per equity share for FY23.
Rahul Talele, group CEO, Kolte-Patil Developers, said, “Domestic real estate sector remains buoyant and continues to benefit from the tailwinds. At Kolte-Patil, we have capitalised on this favourable demand environment marked by improved home ownership sentiment and the desire for owning homes that meet the aspirations for a quality lifestyle. During the year, we launched 3 msf across demand segments and geographies to cater to unique customer needs. The response was reassuring as new launches accounted for a strong ~51% of sales numbers for the year under review.”
In April 2023, Kolte-Patil Developers received Rs 206.5 crore from Marubeni Corporation towards investment in the Pimple Nilakh project. In May 2023, the company acquired two projects each in Pune and Mumbai with the total top-line potential of Rs 2,500 crore.