Kolte-Patil Developers eyes higher property prices this year
The Pune-based real estate developer sees realisations improving to ₹8,000 per sq ft from ₹7,200 per sq ft for FY24.
With property prices continuing to rise, realty developer Kolte-Patil Developers expects better realisations for April-March 2024-25 compared to the previous year.
“Our average realisation around four years back was around ₹5,200-5,100 per sq ft. It has gone to ₹7,200 per sq ft for FY24,” he said, adding that for the current financial year, it is expected to be at ₹8,000 per sq ft.
Rahul Talele, Group CEO said the company will focus on Mumbai from a business development perspective. A few projects in Bengaluru will also close soon, helping the company achieve diversification of around 30% beyond Pune.
“We are aiming to have diversification of around 40% in the next two years, beyond Pune,” he said.
The last financial year (FY24) ended on a strong note
However, the January-March quarter ended with a loss of ₹27 crore versus a profit of ₹117 crore the previous year. Revenue also dipped to ₹526 crore from ₹797 crore. There was an earnings before interest, tax, depreciation, and amortisation (EBITDA) loss of ₹18 crore versus a profit in the previous year.
The embedded earnings before interest, tax, depreciation, and amortisation (EBITDA) margin for the last financial year (FY24) was 26%, and the company is confident of improving it this year.
“For FY25, we are confident of launching around ₹8,000 crore worth of projects. Our pre-sales guidance for FY25 is ₹3,500 crore and in FY26 our guidance would be around ₹4,500 crore,” he said.
The current market capitalisation of the company is ₹3,612 crore.
For more, watch the accompanying video
“Our average realisation around four years back was around ₹5,200-5,100 per sq ft. It has gone to ₹7,200 per sq ft for FY24,” he said, adding that for the current financial year, it is expected to be at ₹8,000 per sq ft.
Rahul Talele, Group CEO said the company will focus on Mumbai from a business development perspective. A few projects in Bengaluru will also close soon, helping the company achieve diversification of around 30% beyond Pune.
“We are aiming to have diversification of around 40% in the next two years, beyond Pune,” he said.
The last financial year (FY24) ended on a strong note
for the company with highest ever pre-sales and collections. It also achieved the lowest net debt-to-equity ratio.
However, the January-March quarter ended with a loss of ₹27 crore versus a profit of ₹117 crore the previous year. Revenue also dipped to ₹526 crore from ₹797 crore. There was an earnings before interest, tax, depreciation, and amortisation (EBITDA) loss of ₹18 crore versus a profit in the previous year.
The embedded earnings before interest, tax, depreciation, and amortisation (EBITDA) margin for the last financial year (FY24) was 26%, and the company is confident of improving it this year.
“For FY25, we are confident of launching around ₹8,000 crore worth of projects. Our pre-sales guidance for FY25 is ₹3,500 crore and in FY26 our guidance would be around ₹4,500 crore,” he said.
The current market capitalisation of the company is ₹3,612 crore.
For more, watch the accompanying video
(Edited by : Shweta Mungre)
First Published: May 28, 2024 1:57 PM IST
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