Press Release / News & Society / Kolte-Patil Developers Ltd. 9M FY14 Financial Result Highlights

Kolte-Patil Developers Ltd. 9M FY14 Financial Result Highlights

Mumbai, January 24th, 2014: Kolte-Patil Developers Ltd. (BSE: 532924, NSE: KOLTEPATIL), a leading Pune-based real estate company announced its results for the third quarter and nine months ended 31st December 2013.

Financial Highlights
Net revenues for 9M FY14 stood at Rs. 593 crore, up 15% YoY as compared to Rs. 518 crore in 9M FY13. EBITDA was higher by 45% YoY at Rs. 181 crore with margins improving 630 bps YoY. PAT for 9M FY14 stood at Rs. 79 crore, higher by 27% YoY. EPS for the nine month period stood at Rs. 10.42 as compared to Rs. 8.24 recorded in the same period last year.

For the three months ended 31st December 2013, net revenues stood at Rs. 188 crore, EBITDA was at Rs. 57 crore while PAT stood at Rs. 20 crore. EPS for Q3 FY13 stood at Rs. 2.69.

Commenting on the financial performance, Mr. Sujay Kalele, Group CEO, Kolte-Patil Developers Ltd. said, We have delivered a stable growth of 15% YoY in the first nine months this year with operating efficiencies resulting in significant expansion in margins and 27% YoY growth in net profit.

Operational Highlights

The Company recorded new sales bookings of 0.44 msf. in Q3 FY14 as compared to 0.44 msf. recorded in Q2 FY14 and 0.5 msf. in Q3 FY13.
The value of area sold stood at Rs. 253 crore in Q3 FY14 as compared to Rs. 260 crore in Q2 FY14 and Rs. 250 crore in Q3 FY13.
The average sales price realization stood at Rs. 5,730 per sq. ft. in Q3 FY14 as compared to Rs. 5,738 per sq. ft. in Q2 FY14 and Rs. 5,000 per sq. ft. in Q3 FY13

Awards and Recognition

The Company received Gold certification from the Indian Green Building Council (IGBC) in accordance with IGBC Green Township criteria for two of its townships, Life Republic at Hinjewadi, Pune and Sanjivani Integrated Township at Urse, Pune, in December 2013.
During the quarter, the Company also won a total of four awards for its various projects in Pune including CNBC Awaazs Best 100 % Complete Residential Project under Affordable Segment in Pune Region for Margosa Heights, CNBC Awaazs Best Luxury Project of the Year in the 50% complete category for 24K Allura (Phase I), Silicon Indias Mid-Range Housing Project of the Year in South Pune for 24K Allura (Phase I) and Estate Awards Luxury Residential Project of the Year West India award for 24K Glitterati (Phase 1).

Mr. Sujay Kalele, Group CEO, Kolte-Patil Developers Ltd. said, Despite a challenging external environment we have been able to sustain our sales momentum this quarter recording 0.44 msf. of new sales bookings. We believe the regulatory environment is improving and will translate into a series of new approvals and subsequent launches over the next twelve months driving the next wave of growth.

Having identified the strong profit potential for private society redevelopment projects in Mumbai, we continue to explore more such lucrative opportunities after our first project win on Khar-Linking Road, and expect to bag more projects in the near term. We are strengthening our internal processes and systems, building the engine to deliver on our strategic objectives. We are focused on activating all projects in our pipeline as we look to reinforce our dominant position in the stable Pune market, while expanding our presence and brand across Mumbai and Bengaluru.