Kolte Patil reports highest-ever annual sales in FY24.
Kolte-Patil's Q4 FY24 sees 6% YoY growth in pre-sales, record annual sales of ₹2,822 crore, driven by Pune projects.
Kolte-Patil Developers Ltd. saw its shares close one percent higher on Friday. According to the company's filing, the real estate major achieved quarterly pre-sales of ₹743 crore in the fourth quarter of FY24, marking a 6% year-on-year (YoY) growth. In FY24, it attained its highest-ever annual sales value of ₹2,822 crore, reflecting a 26% YoY increase. Additionally, the company reported its highest-ever annual sales volumes of 3.92 million square ft., representing a 20% YoY growth.
Kolte Patil launched projects with a total gross development value (GDV) of ₹3,800 crore across Pune and Bengaluru, with new launches contributing around 63% to the total pre-sales value for FY24. The company attributed improved realizations for the year to contributions from the 24K projects across Pune.
Rahul Talele, Group CEO at Kolte-Patil Developers, noted the unprecedented surge in the residential real estate segment during the year, driven by factors such as rising disposable incomes, increased affordability, strong economic growth, policy reforms, and stable interest rates. He highlighted the positive response to their lifestyle-centric residences, particularly the '24K' brand projects across Pune, and the success of the Life Republic project, where 2.3 million sq. ft. were sold in FY24.
Motilal Oswal recently initiated coverage on Kolte Patil, recommending a ‘buy’ with a target price of ₹700 per share. Motilal's positive outlook on the realty stock is based on its steady performance, healthy balance sheet, robust growth in the Mumbai Metropolitan Region (MMR), and a strong pipeline for future growth.
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