Share price of this small-cap company in the real estate business moved up by nearly 2.42 percent at Rs. 543 in the morning trading session of January 23, after the company announced acquiring two projects.
With a market cap of Rs. 4,011.9 crore, shares of Kolte Patil Developers Ltd (KPDL) opened at Rs. 537.95 on Tuesday from its previous close of Rs. 534.35. The company has given positive returns of nearly 40.27 percent returns in the last six months and more than 75.2 percent in the last one year. So far, it has given returns of around 0.96 percent in 2024.
The rise in the share prices in the morning trading session was just after the announcement of signing two new society re-development projects in the western suburbs of Mumbai with a total saleable area of approx. 3.06 lakh square feet translating into top-line potential of approx. Rs. 545 crore.
The two acquired projects are at strategic locations in prime residential areas, out of which, one is in Dahisar having a saleable of around 2.13 lakh square feet with a top-line potential of nearly Rs. 325 crore, and is well connected to the Western Express Highway.
Furthermore, the second project is located in Versova with a saleable area of approximately 0.93 lakh square feet with a top-line potential of around Rs. 220 crore. The Versova project has a strong demand potential and access to rapidly expanding public infrastructure.
In terms of financials, the company’s revenue from operations grew by 33.2 percent from Rs. 1,117 crore in FY21-22 to Rs. 1,488 crore in FY22-23, accompanied by an increase in net profit from Rs. 85 crore in FY21-22 to Rs. 112 crore inFY22-23. The company is expected to give its next quarterly results for December 2023 quarter for FY23-24 tomorrow.
As of December 2023, FIIs hold 2.59 percent of the shares, whereas DIIs hold 4.51 percent of the shares in the company, aggregating to 7.1 percent of the institutional holdings. The Promoters’ holding remains unchanged at 74.45 percent in the December 2023 quarter.
Incorporated in 1991, Kolte-Patil Developers Ltd. is a leading real estate company with a dominant presence in the Pune residential market and a growing presence in Mumbai and Bengaluru.
KPDL markets its projects under two brands: one is ’Kolte-Patil’ which addresses the mid-income segment and the other is ‘24K’ which addresses the premium luxury segment.
Written by Shivani Singh
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