Net profit of Kolte Patil Developers declined 1.16% to Rs 40.14 crore in the quarter ended March 2019 as against Rs 40.61 crore during the previous quarter ended March 2018. Sales declined 59.08% to Rs 195.44 crore in the quarter ended March 2019 as against Rs 477.66 crore during the previous quarter ended March 2018.

For the full year,net profit declined 37.93% to Rs 75.40 crore in the year ended March 2019 as against Rs 121.48 crore during the previous year ended March 2018. Sales declined 38.03% to Rs 869.29 crore in the year ended March 2019 as against Rs 1402.72 crore during the previous year ended March 2018.

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Kolte Patil Developers announced that the Board of Directors of the Company at its meeting held on 29 May 2019, inter alia, have recommended the final dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Kolte Patil Developers has entered into Share Purchase Agreement with ICICI Venture Funds Management Company (Fund Managers of India Advantage Fund III & IV) to acquire 50% Equity Stake in Kolte-Patil l-Ven Townships (Pune). The objective of the acquisition is to increase the controlling stake from 45% to 95% in KPIT. The cost of acquisition is Rs 140 crore.

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Kolte Patil Developers will hold a meeting of the Board of Directors of the Company on 28 May 2019.

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