Kolte-Patil Developers Surges 18% On Strong Q2 Earnings

Shares of Kolte-Patil Developers surged as much as 17.59 per cent to hit intraday high of Rs 111.60 after the company reported a 54 per cent jump in net profit on the back of healthy growth in revenues.

The Pune-based real estate developer said that its net profit in the September quarter came in at Rs 19.32 crore, compared with Rs 12.53 crore during the same period last financial year.

Kolte-Patil's income from operations came in at Rs 225.98 crore, up 25 per cent on a year on year basis.

During the recently concluded quarter the company recorded a jump of 24 per cent in new bookings which stood at 0.57 million square feet (msf).

Rajesh Patil, chairman and managing director of Kolte-Patil Developers, said, "In a seasonally weak quarter, we have delivered a good performance achieving pre-sales of 0.57 msf. or Rs 329 crore led by strong sales across our key MIG projects - Ivy Estate, Life Republic, Wakad and Three Jewels. The pre-sales in Q2 were higher by 24 per cent YoY in value volume terms and 77 per cent YoY in value terms. Collections remained healthy at Rs, 234 crore."

As of 12:31 p.m., shares of Kolte-Patil Developers traded 11.33 per cent higher at Rs 105.65, outperforming the Nifty which was down 0.16 per cent.