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HomeNewsTop NewsKolte-Patil Developers posts net loss of Rs 26.18 crore in Q4 FY24

Kolte-Patil Developers posts net loss of Rs 26.18 crore in Q4 FY24

 Kolte-Patil Developers has reported net consolidated loss after tax of Rs 26.18 crore during the quarter ended March 31, 2024. It had registered profit after tax of Rs 121.33 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 527.71 crore in Q4 FY24, a dip of 34.40 per cent from Rs 804.42 crore it recorded in the similar quarter last year.Rahul Talele, group CEO of the company said, “In FY24, our sales grew by 26% year-on-year to Rs 2,822 crore, and volumes increasing by 20% YoY to 3.9 million sq ft. 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. In FY25, we are confident of delivering sales of Rs. 3,500 crore.”

The board of directors have approved the draft scheme of amalgamation of Kolte-Patil Integrated Townships, a wholly-owned subsidiary, with the company. Kolte-Patil Global, United Kingdom, a wholly-owned subsidiary of the company has been dissolved.

During the current quarter, the group has incorporated two new wholly-owned subsidiaries namely Kolte-Patil Mumbai Projects LLP and Kolte-Patil Developers (Pune) LLP.

The board has recommended a final dividend of Rs. 4 per equity share for the current financial year.

As on March 31, 2024, its net worth stood at Rs 735.57 crore, debt-equity ratio was 1.52, current liablity ratio was 0.92, total debts to total assets ratio was 0.23, operating margin was -1.31% and net profit margin was -4.96%.

The company reported sales value of Rs. 2,822 crore, registering 26% year-on-year growth and sales volumes of 3.92 million sq ft with 20% year-on-year growth. Net debt as on March 31, 2024 stands at Rs -25 crore.

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