Kolte Patil sales up 26% YoY, reports highest ever figures at ₹2,822 crore in FY24
Upstox
2 min read • Updated: April 12, 2024, 7:33 PM
Summary
Kolte Patil Developers said that it launched projects with a total gross development value of ₹3,800 crore in Pune and Bengaluru, which contributed 63% to the total pre-sales value for FY24.
Shares of real estate developer Kolte-Patil Developers Limited closed 1% higher on Friday, April 12, following the strong operational updates for the quarter and full financial year ending March 31, 2024.
In its operations updates for Q4FY24, the company reported highest-ever annual sales value of ₹2,822 crore, reflecting a 26% year-on-year (YoY) growth for the financial year 2023-24 (FY24). In Q4FY24, the company recorded quarterly pre-sales of ₹743 crore, marking a 6% YoY growth compared to ₹704 crore in the year-ago period.
Kolte-Patil Developers said that it launched projects with a Gross Development Value (GDV) of approximately ₹3,800 crore across Pune and Bengaluru during FY24. These new launches contributed around 63% to the total pre-sales value for the fiscal year. The real estate developer said that its 24K projects in Pune contributed to improved realisations for the year.
The company also reported its highest-ever annual sales volumes of 3.92 million square feet, representing a 20% YoY increase, while collections reached a record ₹2,070 crore in FY24.
Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “Our strategic focus on lifestyle-centric residences, particularly our ‘24K’ brand projects across Pune, have yielded encouraging response, with a noticeable uptick in customer demand. The continued success of our flagship project, Life Republic, where we sold 2.3 million sq. ft. in FY24, is an outcome of reimagining the township as a response to evolving customer needs and markets dynamics.”
Kolte-Patil Developers Limited, has a dominant presence in the Pune residential market, and growing presence in Mumbai and Bengaluru. The company has developed and constructed over 58 projects including residential complexes, integrated townships, commercial complexes and IT Parks across Pune, Mumbai and Bengaluru.
The company has completed more than 58 projects in Pune, Mumbai, and Bengaluru, including IT parks, residential complexes and integrated townships.