Kolte-Patil Developers Ltd. a leading Pune-based real estate player, with a growing presence in Mumbai and Bengaluru, announced its results for the fourth quarter and year ended March 31, 2022 reporting highest-ever sales value of ₹1,739 crore recorded in FY22, up 45 per cent y-o-y. It also reported the highest ever Mumbai sales value of ₹450 crore in FY22, up 150 per cent y-o-y.
The company stated it has achieved highest ever collections of ₹1,574 crore in FY22, up 40 per cent y-o-y and also highest ever quarterly collections of ₹500 crore in Q4 FY22, up 13 per cent y-o-y.
For the second consecutive quarter with sales value of over ₹500 crore, the company reported net debt reduction of ₹179 crore during FY22 and ₹41 crore during Q4 FY22.
The Board has recommended a final dividend of ₹2 per share of the face value of ₹10 each for FY22.
Commenting on the performance for Q4 and year ended FY22, Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “FY22 marked a year of demand revival, even as intermittent disruptions were seen almost throughout the period. With sales volume of 2.71 million square feet, we closed the year in line with our stated guidance”.
He added, “From a sales value perspective, we recorded our best ever year - sales value was up 45 per cent y-o-y to ₹1,739 crore in FY22. We have now entered FY23 on the back of the strong momentum achieved in the second half FY22. Q4 FY22 was the second consecutive quarter with sales value of over ₹500 crore”.
He said that in addition to the growth in business, Kolte-Patil is seeing higher diversification, resulting in almost 32 per cent of sales by value coming from Mumbai and Bengaluru.