Kolte Patil Developers shares gained as much as 11.41 per cent on Tuesday after the company disclosed in Q1 FY17 earnings conference call that it has recorded strong uptick in pre-sales by 33 per cent on year on year basis and 17 per cent on quarter on quarter basis to 0.66 million square feet, translating into a booking value of Rs 370 crore. This was led by strong response to the recent project launches at Wakad and R1 Sector in Life Republic, in addition to strong sales momentum in established mid-income project, Corolla.
At 12.09 pm, shares of Kolte-Patil Developers were trading 8.67 per cent up at Rs 130.95. The scrip opened the day at Rs 121.20 and has touched a high and low of Rs 134.25 and Rs 120.05, respectively, in trade so far. Later, the scrip closed 6.64 per cent up at Rs 128.50.
For the ongoing financial year ended March 31, 2017, the company expects around 16-20 per cent rise in net sales and net profit on a year-on-year basis. Kolte Patil Developers registered 2.12 per cent year-on-year fall in consolidated net sales at Rs 676.96 crore in FY16. Net profit of the company slipped 9.55 per cent to Rs 59.08 in 2015-16.
The company added that collections continued to be healthy at Rs 229 crore for the quarter ended June 2016. Realisations were lower in Q1FY17 on higher contribution in the Corolla Project and Q4FY16 included substantial sale of retail shops in Mumbai and Pune.
Kolte-Patil Developers further said that the balance sheet of the company continues to be robust and we have seen a slight drop in our net debt this quarter. “As communicated earlier we expect to bring down the debt further in the course of the year with strong cash flows and focus on collections.
For the quarter ended June 31, 2016, the company reported a consolidated net profit of Rs 18.23 crore, up 31.53 per cent, against Rs 13.86 crore in the same quarter last year.