Kolte-Patil Developers Ltd. Q4 & FY23 Financial Results

• Highest Ever Sales of Rs. 2,232 crores in FY23, up 28% YoY Highest Ever Sales Volumes of 3.27 million sq. ft. in FY23; up 21% YoY
  Highest Ever Collections of Rs. 1,902 crore in FY23; up 21% YoY Revenues of Rs. 1,488 crore for FY23; up 33% YoY
• Net Profit of Rs. 103 crores for FY23; up 29% YoY
  Q4FY23 is the second consecutive quarter with a Sales Value of over Rs. 700 crores Net Debt to Equity as on 31st March 2023 stands at 0.11
• The Board has recommended a final dividend of Rs. 4 per equity share for FY23

PUNE: Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL), a leading Pune-based real estate player, with a growing presence in Mumbai and Bengaluru, announced its results for the fourth quarter and full year ended 31st March 2023.

Commenting on the performance for Q4 & FY23, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said,
“I am extremely pleased to share that Kolte-Patil has delivered a record performance in FY23 with the highest-ever levels of sales value, sales volumes, and collections. The Company has undergone orbital change over the last two years where sales have nearly doubled from Rs. 1,201 crore in FY21 to Rs. 2,232 crore in FY23.

The domestic real estate sector remains buoyant and continues to benefit from the tailwinds. At Kolte-Patil, we have capitalized on this favorable demand environment marked by improved homeownership sentiment and the desire for owning homes that meet the aspirations for a quality lifestyle. During the year, we launched 3 million square feet 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 line with our stated guidance, FY23 sales grew by 28% YoY to Rs. 2,232 crores. Volumes at 3.3 million square feet increased by 21% YoY. Strong execution by the team saw rapid milestone achievement across projects that translated into firm collections that improved 21% YoY to Rs. 1,902 crores. Deliveries stood strong at ~3.3 million square feet. I am pleased to share that Q4FY23 was the second consecutive quarter of sales of over Rs. 700 crores. We closed the quarter with revenues of Rs. 797 crore and EBITDA margins of 22%. Basis a healthy Balance Sheet position and strong cash flows, the Board has recommended a dividend of Rs. 4 per equity share.

In an important development, in April 2023, we received Rs. 206.5 crores from Marubeni Corporation towards investment in the Pimple Nilakh project providing further liquidity to the company to invest in business development opportunities. In May 2023, the Company acquired two projects each in Pune and Mumbai with a total top-line potential of Rs. 2,500 crore. Our prudent financial management practices position us well to capitalize on future growth opportunities. We are confident of acquiring projects with a top-line potential of Rs. 8,000 crore and delivering sales of Rs. 2,800 crore in FY24.

Going ahead, we look forward to continuing our secular growth in the coming years on the back of the strong momentum of new launches, robust business development pipeline, and excellent customer satisfaction as the point of convergence for all business efforts. We remain confident about creating value for all our stakeholders.”