Kolte-Patil’s Q1 sales up 58% on-year at Rs 701 cr

Kolte-Patil Developers has recorded 58% on-year growth in sales at Rs 701 crore for the quarter ended June led by strong volumes achieved on the back of new launches and existing sustenance inventory. Sales volume rose 52% from a year ago to 9.30 lakh sq ft and collections rose 8% to Rs 513 crore. The company launched 1.38 million sq ft in Pune during the first quarter of the financial year 2023-24. These new launches contributed around 43% to the pre-sales value during the quarter.“We have commenced the year on a solid footing, building on the momentum gained in the previous financial year… With the new projects acquired in the recent past and the prospective project acquisitions during the remainder of the year, we will be able to expand our footprint to new micro-markets while strengthening our position in the existing micro-markets of Pune and Mumbai,” said Rahul Talele, Group CEO, Kolte-Patil DevelopersIn May, the company acquired two projects in Pune with a topline potential of Rs 1,300 crore and two projects in Mumbai with a topline potential of Rs 1,200 crore.According to Talele, strong economic tailwinds, a robust pipeline of launches, and a strong balance sheet, provide the company confidence to sustain the momentum through the course of the year and deliver on its commitment to creating value across stakeholder groups.The developer’s realizations improved 4% from a year ago to Rs 7,545 per sq ft during the quarter. Its flagship project Life Republic in Pune’s Hinjewadi registered sales volumes of 0.52 million sq ft in the June quarter.