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Kolte-Patil Developers Ltd. gained over 7 percent in morning trade on Friday after the company reported its highest-ever quarterly sales of Rs 716 crore for the December quarter, a growth of 28 percent over the year-ago period.

The company in an operational update for the December quarter stated that sales in volume terms were also the highest in a quarter at 1.13 million square feet, showing a rise of 31 percent compared to 0.86 million square feet in the year-ago period.

In value terms, the sales stood at Rs 561 crore in the December quarter.

Its realisation, however, dropped by 2 percent year-on-year to Rs 6,339 per square foot from Rs 6,489 per square foot in the year-ago period and by 4 percent compared to Rs 6,622 per square foot in the September quarter.

The collections improved by 3 percent year-on-year to Rs 435 crore in the December quarter against Rs 421 crore in the year-ago quarter and by 8 percent to Rs 404 crore in the September quarter.

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The company launched 2 million square feet of inventory across six projects in Pune and Mumbai. New launches contributed 57 percent to the pre-sales value for the quarter.

KPDL’s flagship project, Life Republic, crossed the half-million mark to record volumes of 6.62 lakh square feet.

The company stated that it has entered into an agreement with Planet Smart City, through its wholly owned subsidiary Sampada Realities Pvt. Ltd., for strategic land monetisation of a portion of its project ‘Little Earth’ at Kiwale, Pune, for Rs 78 crore, for joint development of 0.65 million square feet.

It has also entered an agreement with Marubeni Corporation (Japan) during the quarter. Marubeni will invest Rs 206.5 crore in the company’s Pimple Nilakh residential project and will be entitled to 2.85 lakh square feet of saleable area in the project.

During the quarter, CRISIL Ratings reaffirmed the ratings of the company’s long-term bank loan facilities as A+/Stable, short-term bank loan facilities as A1, and rated non-convertible debentures as A+/Stable.

Kolte-Patil Developers has a dominant presence in the Pune residential market and a growing presence in Mumbai and Bengaluru.

Shares of Kolte-Patil are trading higher by 7.83 percent at Rs 282.40.

(Edited by : Rukmani Krishna)

First Published:Jan 13, 2023 12:41 PM IST