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Pune, May 19 Builders and real estate developers Kolte-Patil Developers Ltd (KPDL) has announced a net profit of Rs 137 crore for the 2007-08 fiscal, a rise of 64 per cent, and income of Rs 441 crore (Rs 252 crore), a 75 per cent growth year-on-year. These are the company’s first results after its IPO in November 2007.

The company’s profit before tax was Rs 179 crore, while EPS on the expanded capital was Rs 21.28 per share.

KPDL has formed a joint venture with ICICI Venture Funds Management Co Ltd to build a 400-acre integrated township project at Hinjewadi. The first phase of the project covering 168 acres has been approved by the State Government.

The Rs 2,000-crore project is a mix of residential and commercial spaces, and will be launched in the fourth quarter of 2008-09. The project has been designed by architect Mr B.V. Doshi.

Among the company’s other initiatives are a 70-acre IT-SEZ at Hinjewadi at an investment of Rs 1,000 crore, a community mini township at Wagholi with an investment of Rs 400 crore, and an ultra modern office park complex at Kharadi that will have a total saleable area of 8.50 lakh sq. ft. with an investment of Rs 250 crore.

KPDL plans to open a representative office in Dubai by the end of May to market Indian properties.

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