Kolte Patil Developers today announced creation of a residential development platform with Planet Smart City, the global leader in smart affordable housing, to develop 15,000 housing units.

This residential platform follows the success of Universe, at Sector R10, Life Republic, which was the first co-development between KPDL and Planet Smart City. It will focus primarily on development of smart aspirational housing projects in Pune, Mumbai and Bengaluru. The partners will endeavour to grow the platform over a period of time based on suitable structures as mutually agreed upon as the right opportunities continue to emerge.

The platform will enable KPDL to capture opportunistic and structured outright land purchase transactions while maintaining a healthy balance sheet. It is expected to generate substantial earnings in the coming years, which will contribute significantly to the company's growth.

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Kolte Patil Developers announced that Yashvardhan Patil has been appointed as Group Chief Executive Officer of the company with effect from 12 June 2021.

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Net profit of Kolte Patil Developers reported to Rs 20.86 crore in the quarter ended March 2021 as against net loss of Rs 16.47 crore during the previous quarter ended March 2020. Sales rose 33.53% to Rs 296.08 crore in the quarter ended March 2021 as against Rs 221.74 crore during the previous quarter ended March 2020.

For the full year,net loss reported to Rs 5.52 crore in the year ended March 2021 as against net profit of Rs 72.40 crore during the previous year ended March 2020. Sales declined 38.76% to Rs 691.74 crore in the year ended March 2021 as against Rs 1129.50 crore during the previous year ended March 2020.

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Net profit of Kolte Patil Developers rose 245.24% to Rs 26.86 crore in the quarter ended March 2021 as against Rs 7.78 crore during the previous quarter ended March 2020. Sales rose 119.46% to Rs 246.85 crore in the quarter ended March 2021 as against Rs 112.48 crore during the previous quarter ended March 2020.

For the full year,net loss reported to Rs 7.69 crore in the year ended March 2021 as against net profit of Rs 64.20 crore during the previous year ended March 2020. Sales declined 29.52% to Rs 501.99 crore in the year ended March 2021 as against Rs 712.26 crore during the previous year ended March 2020.

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