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HomeNewsReal EstateKolte-Patil Developers posts net loss of Rs 28 crore in Q3 FY23

Kolte-Patil Developers posts net loss of Rs 28 crore in Q3 FY23

Kolte-Patil Developers' consolidated total income stood at Rs 374.46 crore in Q3 FY23, a growth of 52.03 per cent from Rs 244.70 crore it recorded in the similar quarter last year.

Kolte-Patil Developers (KPDL) has reported consolidated net loss of Rs 28.10 crore during the quarter ended December 31, 2022. It had recorded profit after tax (PAT) of Rs 7.11 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s consolidated total income stood at Rs 374.46 crore in Q3 FY23, a growth of 52.03 per cent from Rs 244.70 crore it recorded in the similar quarter last year.

The board of directors of the company approved the change in appointed date for merger of its wholly-owned subsidiaries Tuscan Real Estate and PNP Agrotech from April 1, 2021 to April 1, 2023. Further, the board also approved the withdrawal of the de-merger scheme of Kolte-Patil Properties (formerly known as Kolte-Patil Redevelopment) and its subsequent merger with the company.

Rahul Talele, group CEO of the company said, “For Q3 FY23, we reported highest ever quarterly pre-sales of Rs. 716 crore, marking a growth of 95% quarter-on-quarter and 28% year-on-year. Volumes crossed the 1 million sq ft. mark, once again the first time in any single quarter. Robust sales and good construction pace have resulted in firm growth of 22% year-on-year in collections for 9M FY23. We have received OCs to the tune of 2.7 million sq. ft. during 9M FY23 of which 60% OCs were obtained in December 2023, the revenues for which will be recorded in Q4 FY23. In a recent development, KPDL partnered with Marubeni Corporation, where the latter will invest Rs. 206.5 crore in KPDL’s Pimple Nilakh residential project and will be entitled to about 2.85 lakh sq. ft. of saleable area in the project.”

The board approved the proposed scheme of merger of its wholly-owned subsidiary – Sampada Realities with the company.

During the quarter ended December 31, 2022, the company has invested in Nivasti Developers and Builders LLP for development of real estate project with 50% profit sharing ratio, it said in the regulatory filing.

The company witnessed quarterly sales of Rs 716 crore, up 28% year-on-year, quarterly sales volumes of 1.13 million sq. ft., up 31% year-on-year and its net debt to equity as on December 31, stands at 0.21, it said in a media release.

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