Kolte Patil Developers' PAT builds up 32 per cent, margins expand

Pune based real estate major Kolte Patil Developers on Tuesday has come out with its Q1FY17 results, which were in line with the street estimates. 

Company’s revenue for the quarter in review has seen a yearly decline of 6 per cent to Rs 177.3 crore as against Rs 188.6 crore in the same quarter last year. Q1's EBITDA stands at Rs 59.1 crore as compared to Rs 47.1 crore achieved in Q1FY16. Cost competitiveness in every project resulted in a margin expansion of 800 basis points on a yearly basis to 32.9 per cent. Net profit for the April-June period has risen to Rs 18.2 crore from Rs 13.8 crore in the corresponding quarter of the previous year, representing a growth of 32 per cent.

On the operational front, company has recorded new sales booking of 0.66 msf (million square feet) in Q1FY17 against 0.57 msf in Q4FY16, reflecting a slight pickup in the demand. Kolte Patil was unable to improve upon its collection as it declined to Rs 229 crore against Rs 261 crore in the prior quarter.

Following the announcement, Kolte-Patil’s stock has jumped 7 per cent in trade to hit a intra-day high of Rs 133.70, before closing the day at Rs 127.75, up 3.19 per cent on NSE.