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Kolte-Patil Developers, a prominent real estate firm, has reported a remarkable 84.36% growth in its consolidated net profit for the quarter ending on June 30, 2023. The company's profit after tax reached Rs 47.97 crore in Q1 FY24, a substantial increase from the Rs 26.02 crore recorded in the corresponding quarter of the previous fiscal year. The robust performance is attributed to the company's strategic initiatives and robust execution.
The company's consolidated total income also showcased a remarkable upswing, reaching Rs 578.51 crore, a growth of 183.07% compared to the Rs 204.37 crore recorded in the same quarter of the previous year. Kolte-Patil's emphasis on expanding its area sales has notably contributed to this surge. Notably, the new area sales covered 0.93 million square feet, marking a 52% year-on-year increase. The sales value witnessed a corresponding growth of 58%, amounting to Rs 701 crore. This increase is supported by a 4% rise in average realizations, reaching Rs 7,545 per square foot.
Additionally, the company made significant strides in its financial structure. The debenture allotment committee of the board of directors allotted 20,650 senior, secured, listed, rated, redeemable zero-coupon NCDs of face value Rs 100,000 each on a private placement basis. This allocation amounted to Rs 206.50 crore and was made to Marubeni Corporation, Japan. Another allotment involved 14,000 secured, unlisted, redeemable non-convertible debentures (NCD) of face value Rs 100,000 each on a private placement basis, totalling Rs 140 crore, allocated to India Realty Excellence Fund IV.
The company demonstrated its commitment to growth by incorporating two new wholly-owned subsidiaries, Custard Real Estate and Castle Avenues Realty LLP. This strategic move reflects Kolte-Patil Developers' dedication to expanding its scope and enhancing its offerings.
As of June 30, 2023, Kolte-Patil Developers boasted a net worth of Rs 1,106.13 crore. Its debt-equity ratio stood at 0.68, indicating a balanced financial structure. The total debts to total assets ratio was 0.17, affirming the company's prudent financial management. The operating EBITDA margin remained steady at 16%, contributing to sustained profitability. Moreover, the net profit margin was 8%, underscoring the company's efficient operations and prudent financial strategies.
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