Kolte Patil Developers: Q4FY14 Result Analysis

KPDL recorded new sales bookings of 0.79 msf during Q4FY14 as compared to 0.44 msf in Q3FY14 and 0.48 msf in Q4FY13. The value of area sold stood at Rs 423 crore in Q4FY14 as compared to Rs 253 crore in Q3FY14 with a growth of 67 per cent and Rs 280 crore in Q4FY13 with a growth of 51 per cent. The average sales price realization for the company stood at Rs 5374 per sq. ft. in Q4FY14 as compared to Rs 5730 per sq ft in Q3FY14 and Rs 5833 per sq ft in Q4FY13.

For the fourth quarter, KPDL's EBITDA stood at Rs 39.66 crore during Q4FY14 against Rs 57.26 crore in Q3FY14 and Rs 66.8 crore in Q4FY13. The net profit of the company was at Rs 13.02 crore in Q4FY14 against Rs 20.40 crore in Q3FY14 and Rs 45.1 crore in Q4FY13. The profit was down due to higher total expenses as percentage of total operating income during the said quarter.

KPDL's net revenue for FY14 stood at Rs 764 crore, up 5 per cent on yearly basis as compared to Rs 727.5 crore in FY13. The company's EBITDA was higher by 15 per cent at Rs 220 crore with margins improving by 250 basis points on yearly basis. KPDL's PAT for FY14 stood at Rs 92 crore and EPS for FY14 stood at Rs 12.14 as compared to Rs 14.18 recorded in FY13.

The company recorded new sales bookings of 2.1 msf in FY14 as compared to 2.6 msf in FY13, largely on account of delay in receiving timely approvals. The value of area sold stood at Rs 1150 crore in FY14 as compared to Rs 1250 crore in FY13. The average sales price realization stood at Rs 5412 per sq ft in FY14 as compared to Rs 4735 per sq ft in FY13.

KPDL's board of directors recommended a final dividend of Rs 1.6 per share, amounting total dividend for FY14 to Rs 3.1 per share which comes out to be 25 per cent dividend payout. Though the company's profitability has impacted due to the delayed approvals of the projects, we expect good number of approvals in next couple of quarters and recommend our readers to remain invested in this stock for a longer term.