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Kolte Patil targets 20% pre sale growth, 2,500 deliveries this year

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Kolte Patil, a real estate builder based in Pune, expects to increase the pre-sales for the current financial year by approximately 20% and is targeting deliveries of around 2,500 units.

“Uptick in pre-sales is expected to sustain for the rest of the year,” company said.

Company is also targeting launch of two projects at prime locations in Bengaluru, at Kormangala and Hosur Road respectively, during the course of the current financial year.

Revenue trajectory is expected to improve in 2016-17 as a greater proportion of 100% owned projects come up for revenue recognition, including contribution from Mumbai portfolio.

The company reported a 33% jump in it´s net profit in Q1 despite the 5% dip in revenue due to tight control over expenses.

“Overall cost efficiencies will be maintained at all project sites to facilitate margin expansion,” said the company.

Debt levels, which saw a slight uptick during financial year´16 on account of the Corolla stake purchase and working capital investments in Mumbai expansion, are expected to taper off given the strong cash flows and focus on collections, the developer said.

Going forward increased contribution from asset-light Mumbai projects will enable ROCE expansion and increased average price realisations

Focus on improving governance practices and organisational competences will be maintained, including RERA readiness initiatives, it added.

Over its lifetime, the company has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of around 12 million square feet across Pune and Bengaluru.

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