Kolte-Patil Developers Builds Strong Performance In FY13

The Pune-based real estate company, Kolte Patil Developers (KPD) announced its annual results for FY2013. The company has posted 190% growth in its revenues for FY13 against last year’s figure. The company has posted revenue of Rs 727.48 crore in FY13 against Rs 249.24 crore in FY12 on a consolidated basis. The net profit has increased by 246% to Rs 123.91 crore in FY13 against Rs 35.76 crore in the previous financial year.

At an operational level, KPD has sold 2.60 million square feet in FY13 compared to 2.85 million square feet in FY12. However, the company sold Rs 1250 crore worth of area value-wise this year, against Rs 1100 crore last year. This clearly shows an increase in its average sales price realisation. It stood at Rs 4800 per square feet in FY13 against Rs 3850 crore per square feet in FY12. Further, the company has received approvals for almost one million square feet of new launches in Q4FY13. KPD has managed to deliver 3 million square feet on time last year.

It has posted 30% EBITDA level margins for FY13. The company's EBITDA increased by 195% to Rs 535.42 crore in FY13. Its other income has increased drastically as compared to the last financial year. The other income of Rs 36.53 crore includes Rs 8.34 crore through dividends from shares and mutual funds, Rs 14.95 crore from sale of shares and mutual funds, Rs 11.65 crore from interest on debentures and loans and Rs 1.60 crore from miscellaneous income. The company's net profit grew by 274% to Rs 186.37 crore this year despite an increase in its finance cost (which marked a 51% increase).

During the fourth quarter, Sylvan Acres Reality, Jasmine Hospitality and Oakwood Hospitality have become wholly-owned subsidiaries of KPD. Interestingly, its promoter group has acquired 184095 equity shares from the secondary market. An increased shareholding of the promoter group and no pledging of shares by promoters makes the company's fundamentals more attractive. We recommend that readers hold their investment in the company considering an improving business environment for the company.