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A screen grab of Kolte-Patil Developers website
A screen grab of Kolte-Patil Developers website

Kolte-Patil Developers posts 63% net profit in September quarter

Net profit increased to Rs32 crore from Rs19.6 crore a year earlier

Mumbai: Kolte-Patil Developers Ltd (KPDL) posted a 63% growth in net profit for the July – September quarter.

The Pune based developer with projects in residential, commercial and information technology parks across Pune and Bangalore has its net profit increased to Rs32 crore from Rs19.6 crore a year earlier, the company said on Saturday.

For the same period the income from operation dropped 2% to Rs189 crore from Rs192 crore.

On a standalone basis the net profit has dropped 21% to Rs11 crore for the quarter ended on September 30.

During the quarter the company launched four projects in Pune to develop a total of 1.8 million sq. ft.

“We have delivered yet another strong performance in a seasonally weak quarter. Our sales momentum has been encouraging having recorded 0.9 million sq. ft. of new area sales in the first half of the year despite a challenging approval scenario." said Sujay Kalele, group chief executive officer at Kolte-Patil Developers Ltd. in a statement.

In July KPDL has entered the Mumbai real estate market with a redevelopment project in Khar suburbs in July. But further expansion plans in Mumbai has been hit by regulatory hurdles.

“Going forward we are focused on consolidating our market leadership in Pune and expanding our presence in Bangalore and Mumbai..." Kalele said.

Shares of KPDL dropped 3.20% at Rs77.25 on Friday closing. BSE Sensex dropped 0.20% at 20,683.52 points.

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