Real estate company Kolte-Patil Developers Ltd. posted a 32 percent growth in profit for the first quarter of financial year 2016-17, in line with street estimates.
Net profit for the April-June period rose to Rs 18.2 crore from Rs 13.8 crore in the corresponding quarter of the previous year, it said in a stock exchange filing. The consensus of analyst estimates tracked by Bloomberg stood at Rs 18.5 crore.
The Pune-based developer's revenue for the June-ended quarter declined 6 percent to Rs 177.3 crore from Rs 188.6 crore in the same quarter last year, the filing said. The Bloomberg consensus estimate was Rs 192.5 crore
“We have started the year on a positive note recording a strong uptick in our pre-sales, higher by 32 percent year-on-year and 17 percent quarter-on-quarter to 0.66 msf, This was led by the launch of Wakad and R1 sector in Life Republic, in addition to strong sales momentum in our established mid-income project Corolla. Collections continue to be healthy at Rs. 230 crore this quarter,” Rajesh Patil, Chairman and Managing Director, Kolte-Patil Developers said in a separate press release.
Earnings before interest, taxes, depreciation and amortisation increased 24.6 percent to Rs 59.1 crore from Rs 47.5 crore year-on-year. The EBITDA margin expanded 780 basis points to 32.9 percent from 25.1 percent, which the management attributed to cost competitiveness in every project, according to the press release.
Following the announcement, Kolte-Patil's stock jumped 4.5 percent to Rs 129.1 per scrip on the Bombay Stock Exchange at 1:47 pm.
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