The shares of the real estate developers gained up to 4 percent after the company’s 4.09 lakh equity shares were bought by Whiteoak Capital Mutual Fund at an average of Rs 487.5 per share.
With a market capitalization of Rs 3,716.62 crore, the shares of Kolte Patil Developers Ltd were trading at Rs 489.00 per share, increasing around 0.15 percent as compared to the previous closing price of Rs 487.35 apiece.
As per money control, Naresh Anirudha Patil, the promoter of Kolte Patil Developers Ltd, owns 1,26,49,248 equity shares, which is equivalent to 16.64 percent of the business. He sold 15,20,088 equity shares, which is equivalent to 2% of the company’s paid-up equity.
However, Whiteoak Capital Mutual Fund bought 4.09 lakh equity shares in the company at an average price of Rs 487.5 per share.
Have a look into the company’s finances, the company’s revenue decreased by 79 percent from Rs 368 crore Q3FY23 to Rs 76 crore Q3FY24. Further, During the same period, net loss magnified from Rs 27 crore to Rs 63 crore.
The company’s geographical footprint is spreading, with 15 society rehabilitation projects in Mumbai, two of which have been finished, five of which are continuing, and eight more in the works, with Mumbai and Bengaluru accounting for 30% of sales value by FY25.
Kolte Patil Developers achieved pre-sales volumes of 2.89 million sq. ft., representing a 26% YoY increase, and launched 2.73 million sq. ft. across projects in Pune and Mumbai in 9M FY24. New releases provide 57% of the pre-sales value.
The company’s latest ownership structure shows that promoters control 74.45%, retail shareholders own 18.45%, and foreign institutional investors own 2.59 percent.
Kolte-Patil Developers Limited builds residential, commercial, and IT parks, rents immovable assets, provides retail services, and manages real estate projects. It has operations in three Indian markets: Pune, Mumbai, and Bengaluru.
Written by:- Abhishek Singh
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