Kolte-Patil perks up

Kolte Patil Developers announced its operational update for Q3 & 9M FY23, saying that it has recorded its highest ever quarterly sales of Rs. 716 crore, up 28% (YoY) and also the highest ever quarterly sales volumes of 1.13 mn. sq. ft, up 31% (YoY).

The company launched 2 mn. sq. ft. of inventory across 6 projects in Pune and Mumbai and these new launches contributed 57% to the pre-sales value for the quarter.

Its flagship project, Life Republic, crossed the half million mark to record volumes of 6.62 lakh sq. ft., highest ever in any one quarter.

The company achieved sales value of Rs. 1,528 crore during 9M FY23, up 23% YoY, from ongoing as well as new launches and sales volume was at 2.30 million sq. ft, up 19%.

Collections grew by 22% during 9M FY23 to Rs. 1,313 crore supported by efficient lifecycle of registrations, sales, construction and robust CRM systems.

The market seems to be greatly enthused with this news as the stock price continues to hover among the top five gainers on the BSE since afternoon and rose over 14.5% to an intraday high at Rs.301 on the back of more than 13x jump in volumes.