Kolte Patil Developers Ltd Share Price – NSE  /  BSE

Realty, Small Cap

Rahul Talele has resigned due to pursue professional opportunities outside the organization. The resignation has been accepted by the board of directors of the company in their meeting held on 14 June 2024. However, he will continue as a non key managerial personnel (KMP) to complete the smooth transition till 31 August 2024.

Meanwhile, the board of directors has appointed Atul Bohra as group chief executive officer of the company, with effect from 14 June 2024.

Atul Bohra is a qualified chartered accountant (CA), company secretary (CS), MBA graduate and has undergone the Strategic Thinking and Leadership Program at Wharton Executive Education. He has over 20 years of versatile experience in real estate, strategy, finance, business development, stakeholder management and risk management.

Bohra has worked with Kolte-Patil Developers in different roles over a period of 2012 to 2023 during which he also served as the Group CFO. Before joining Kolte-Patil Developers as a Group CEO, Bohra briefly took on the role of a regional business head with Birla Estates.

Rajesh Patil, chairman and managing director, KoltePatil Developers, said, “Kolte-Patil Developers is firmly positioned for achieving robust growth on the back of strong projects-portfolio, sound financial standing, a solid leadership team and economic and sectoral tailwinds. In his earlier tenure at Kolte-Patil, having worked across functions and geographies,

Atul has demonstrated keen business sense, transformative approach, and financial expertise, contributing meaningfully to the success of the Company. I am confident that in his new role as the Group CEO, he will lead the Company to achieve new milestones and solidify our position as a leading real-estate developer.”

Atul Bohra, Group CEO, Kolte-Patil Developers, commented, “I would like to thank the board for entrusting me with this opportunity to lead the Company at such an exciting time. KoltePatil, has succeeded across market cycles because the Company has progressively delivered superior value and I look forward to continue to build upon this legacy of excellence and ensure the Company’s sustained success.”

Kolte Patil Developers is a leading real estate company with dominant presence in the Pune residential market. It has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of 20 million square feet across Pune, Mumbai and Bengaluru.

The company reported consolidated net loss of Rs 26.18 crore in Q4 FY24 as against net profit of Rs 121.33 crore in Q4 FY23. Revenue from operations declined 33.94% to Rs 526.38 in Q4 FY24 over Q4 FY23.

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The Board of Kolte Patil Developers at its meeting held on 14 June 2024 has appointed Atul Bohra as Group Chief Executive Officer (Group CEO) and Senior Management Personnel (SMP) of the Company.

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Revenue from operations declined 33.94% to Rs 526.38 in Q4 FY24 over Q4 FY23.

Loss before tax stood at Rs 44.63 crore in Q4 FY24 as against profit before tax of Rs 171.63 crore in Q4 FY23.

Total expense fell 10% YoY to Rs 569.19 crore during the quarter. The company's cost of services, construction and land surged 95.98% YoY to Rs 620.81 crore.

During the quarter, EBITDA stood negatively at Rs 6.9 crore as against positive EBITDA of Rs 173.4 crore posted in corresponding quarter last year. EBITDA margin was negative at 1.3% in Q4 FY24 as compared to positive EBITDA margin of 21.8% posted in Q4 FY23.

New area sales value increased 6% to Rs 743 crore and the collections was up 1% YoY to Rs 592 crore in Q4 FY24 over Q4 FY23.

The volume for new area sales climbed 6% to 1.03 million sq. ft and the realization rose marginally to Rs 7,226 per sq ft.

Meanwhile, the company’s board has recommended a final dividend of Rs 4 per share for FY24, subject to the approval of the shareholders.

On a full year basis, the company reported a consolidated net loss of Rs 67.48 crore as against net profit of Rs 113.45 crore in Q4 FY23. Revenue from operations declined 7.85% to Rs 1,371.48 crore as compared with Rs 1,488.43 crore in FY24 over FY23.

Rahul Talele, Group CEO, Kolte-Patil Developers said, “I am happy to report robust operational performance for FY24, with record-high sales value, volumes, and collections. The residential real estate sector experienced remarkable growth this year due to factors such as rising disposable incomes, greater affordability, robust economic growth, policy reforms, and stable interest rates that encouraged home buying. Capitalizing on this rising demand for home ownership and high quality living, we launched new projects worth Rs. 3,816 crore. These projects, aligned with the evolving needs of our customers, enabled us to achieve an impressive 63% pre-sales from these newly launched projects.

In FY24, our sales grew by 26% YoY to Rs. 2,822 crore, and volumes increasing by 20% YoY to 3.9 million square feet. Strong execution led to rapid progress across projects, resulting in highest-ever collections of Rs. 2,070 crore. We ended the year with revenues of Rs. 1,372 crore. Balance-Sheet remains healthy and cash flows robust, enabling the Board to recommend a final dividend of Rs. 4 per equity share.

As we look to the future, we remain confident in the long-term prospects of the real estate sector. In FY25, we are confident of delivering sales of Rs. 3,500 crore. The solid foundation laid in FY24 positions us to achieve even greater milestones in FY25 and beyond, with a focus on innovation, execution excellence, and enhancing customer experience.”

Kolte Patil Developers is a leading real estate company with dominant presence in the Pune residential market. It has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of 20 million square feet across Pune, Mumbai and Bengaluru.

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Kolte Patil Developers announced that the Board of Directors of the Company at its meeting held on 24 May 2024, has recommended a Final dividend of Rs.4 per share (i.e.40%), subject to the approval of the shareholders.

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