Kolte-Patil Developers is attracting some attention today, rising over 3% to hit an intraday high at Rs.251.40. Its 52-week high is at Rs.285.15.
The company reported a disappointing 53% (QoQ) fall in sales booking at 0.4 million square feet (msf) with sales value falling 37% to Rs.279 crore.
On the earnings front YoY, the picture looks good though sequentially, one can see the stress. It ended the quarter with a consolidated net profit of Rs.29 crore v/s loss of Rs.27 crore (YoY). QoQ, net profit shows a rise of 41% but this purely on account of the over 43% reduction in total expenses.
Revenue from operations YoY rose 40% at Rs.197 crore but QoQ, it was down 33%.
The market is looking at this performance positively as it expects the months ahead to be much better with a robust pipeline of 7.2msf across Pune, Mumbai Metropolitan Region and Bengaluru. These projects are expected to be launched in phased manner from 2HFY22 which will drive overall momentum for FY22.
According to the company's management, these projects have a topline potential of Rs.5,700 crore and its 3.22msf of unsold ongoing-inventory is expected to drive the sustenance sales.