₹₹₹₹Shares of realty developer Kolte-Patil Developers Ltd. closed a percent higher on Friday.
The real estate major recorded quarterly pre-sales of743 crore, resulting in a 6% year-on-year (YoY) growth during the fourth quarter of FY24, it said in a filing.The company achieved its highest-ever annual sales value of2,822 crore during FY24, marking a growth of 26% YoY.
Besides, it also reported its highest-ever annual sales volumes of 3.92 million square ft., a growth 20% YoY.
Kolte Patil has launched projects with a total gross development value, or GDV, of3,800 crore across projects in Pune and Bengaluru.
"Our strategic focus on lifestyle-centric residences, particularly our '24K' brand projects across Pune, have yielded encouraging response, with a noticeable uptick in customer demand.
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Shares of realty developer Kolte-Patil Developers Ltd. closed a percent higher on Friday. The real estate major recorded quarterly pre-sales of743 crore, resulting in a 6% year-on-year (YoY) growth during the fourth quarter of FY24, it said in a filing.The company achieved its highest-ever annual sales value of2,822 crore during FY24, marking a growth of 26% YoY. Besides, it also reported its highest-ever annual sales volumes of 3.92 million square ft., a growth 20% YoY. Kolte Patil has launched projects with a total gross development value, or GDV, of3,800 crore across projects in Pune and Bengaluru. The new launches contributed around 63% to the total pre-sales value for FY24.The company also said that a contribution from the 24K projects across Pune led to improved realizations for the year."The residential real estate segment witnessed an unprecedented surge during the year driven by various factors including rising disposable incomes and increased affordability, strong economic growth resulting in increasing consumer confidence, policy reforms and stable interest rates empowering buyers to invest in their dream homes," said Rahul Talele, Group CEO at Kolte-Patil Developers."Our strategic focus on lifestyle-centric residences, particularly our '24K' brand projects across Pune, have yielded encouraging response, with a noticeable uptick in customer demand. The continued success of our flagship project, Life Republic, where we sold 2.3 million sq. ft. in FY24, is an outcome of reimagining the township as a response to evolving customer needs and markets dynamics," Talele said.Recently, domestic broking house Motilal Oswal initiated coverage on Kolte Patil, with a ‘buy’ recommendation and a target price of700 per share.Steady performance, healthy balance sheet, robust growth in the Mumbai Metropolitan Region (MMR) and a strong pipeline to propel growth can be attributed to Motilal's positive outlook on the realty stock.
