Kolte Patil Net Revenues up by 15% to Rs 593 crore

The company posted de-growth in its revenue and net profit during the third quarter compared to same period last year. KPD's net revenue for Q3FY14 dipped to Rs 188 crore against Rs 225 crore in Q3FY13. The company's net profit also decreased to Rs 20.40 crore in Q3FY14 against Rs 30.52 crore in Q3FY13.

However, the company's net revenues for first nine months for FY14 grew by 15 per cent to Rs 593 crore against Rs 518 crore in 9MFY13. Interestingly the company's EBITDA soared up by 45 per cent to Rs 181 crore in 9MFY14 on yearly basis. This has improved its EBITDA margins by 630 basis points on yearly basis. The PAT stood at Rs 79 crore in 9MFY14 against the PAT during same period in last financial year.

The average sales price realisation during the period under review stood at Rs 5730 per sq. ft. compared to Rs 5738 per sq. ft. in second quarter of FY14 and Rs 5000 per sq. ft. during same period last year. The value of area sold during the said quarter stood at Rs. 253 crore compared to Rs 260 crore in second quarter of FY14 and Rs 250 crore during same period last year.

Sujay Kalele, Group CEO, Kolte.Patil Developers said, "Despite a challenging external environment we have been able to sustain our sales momentum this quarter recording 0,44 mst. 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."