Highest Ever Sales Value of Rs. 1,739 crore recorded in FY22, up 45% YoY. Highest Ever Mumbai Sales Value of Rs. 450 crore in FY22, up 150% YoY. Highest Ever Collections of Rs. 1,574 crore in FY22, up 40% YoY. Highest Ever Quarterly Collections of Rs. 500 crore in Q4 FY22, UP 13% YoY. Second consecutive quarter with Sales Value of over Rs. 500 crore
Kolte-Patil Developers Limited (BSE: 532924, NSE: KOLTEPATIL; KPDL), a leading Pune based real estate player with growing presence in Mumbai and Bengaluru, has announced key updates on its real estate operations during the quarter and year ended 31st March 2022.
| New area sales | Q4FY22 | Q3FY22 | QoQ | Q4FY21 | YoY | FY22 | FY21 | YoY | |
| Volume (million sq. ft.) | 0.78 | 0.86 | -9% | 0.85 | -8% | 2.71 | 2.08 | 30% | |
| Value (Rs. crore) | 501 | 561 | -11% | 511 | -2% | 1,739 | 1,201 | 45% | |
| Realization (Rs./sq. ft.) | 6,418 | 6,489 | -1% | 5,988 | 7% | 6,407 | 5,785 | 11% | |
| Collections (Rs. crore) | 500 | 421 | 19% | 442 | 13% | 1,574 | 1,128 | 40% |
| New area sales | H2FY22 | H1FY22 | HoH | H2FY21 | YoY |
| Volume (million sq. ft.) | 1.64 | 1.07 | 53% | 1.41 | 16% |
| Value (Rs. crore) | 1,062 | 677 | 57% | 842 | 26% |
| Realization (Rs./sq. ft.) | 6,470 | 6,312 | 3% | 5,977 | 8% |
| Collections (Rs. crore) | 921 | 653 | 41% | 823 | 12% |
- Achieved Sales Value of Rs. 1,739 crore in FY22, up 45% YoY, which is by far the highest ever recorded by the Company
- Strong improvement in H2 FY22 over H1 FY22, in terms of both volume and value
- Mumbai portfolio has reported a sales value of ~Rs. 450 crore as against Rs. 180 crore in FY21
- Sales Volumes of 2.71 million sq. ft. in FY22 saw significant uptick compared to FY21 (2.08 million sq. ft.) and FY20 (2.51 million sq. ft.)
- Substantial improvement in APR during FY22, driven by firm realizations in project sales across Pune and Bengaluru markets as well as 26% contribution to Sales Value from Mumbai.
- Contribution from projects outside Pune closed at 32% of Sales Value, allowing further business diversification in line with the strategic plan
- Collections were the highest ever in the Company’s three-decade history for both Q4 FY22 and FY22
- Strong focus on sales, registrations, construction and CRM has enabled this strong performance in collections
- Strong collections and low debt have resulted in healthy operating cash flows in FY22
- During the quarter, the Company has been assigned a long-term rating of ‘ICRA A+/Positive’. This along with the existing ‘CRISIL A+/Stable’ rating further enhances KPDL’s rating profile and highlights its focus on corporate governance.
Commenting on the update, Mr. Rahul Talele, Group CEO, Kolte-Patil Developers Limited said, “FY22 has been a landmark year for KPDL with the Company hitting several milestones. We have ended the year on a strong note with Q4 FY22 being second consecutive quarter with sales value of over Rs. 500 crore. The second half of the year has been particularly encouraging, with expanding demand traction driven by growing interest in our projects from customers. This has allowed us to achieve our best ever sales performance by value in the three-decade history of KPDL with FY22 sales value at Rs. 1,739 crore, up 45% YoY.
We are happy to announce Mumbai portfolio has reported its best ever performance with a sales value of ~Rs. 450 crore as against Rs. 180 crore in FY21. All three new projects launched over the last year – Evara, Verve and Vaayu have been received exceedingly well by customers. Mumbai region is shaping up well, and will continue to get stronger in the coming years with increased launches and business development activity.
Additionally, two significant milestones were in terms of collections. KPDL recorded its best ever collections, highest in the Company’s three-decade history in FY22 and Q4 FY22. We are happy to share that during FY22, based on further improvement in liquidity in our business operations, there has been a reduction of net debt. This is the third consecutive year of net debt reduction at KPDL. Given our collections growth and lower interest outgo, we have delivered strong operating cash flows in FY22.
We have continued to execute efficiently on the virtuous process of sales, collections and deliveries to expand the visibility of the Kolte-Patil brand in targeted markets while creating a strong platform for ongoing growth in the coming years. Going forward, we are set to expand our portfolio of projects with several launches lined up across a range of micro markets in Pune, Mumbai and Bengaluru. We are also lining up additional visibility based on our judicious evaluation of new business development proposals to enhance our longer-term business prospects and deliver value for all stakeholders. We are set to scale up faster while maintaining our financial discipline.”
Also Read: Puravankara Limited – Operational Update for Q4FY22 and FY22
