On July 13, 2023, Kolte Patil Developers rose 4% after the business posted a 58% YoY growth in sales value at Rs 701 crore during Q1FY24.

Robust volumes were accomplished amid new launches and prevailing sustenance of inventory. New launches contributed about 43% to the pre-sales value during the quarter, the firm stated in a regulatory filing.

At 8:39 am, the company’s shares traded 1.1% higher at Rs 389.35 on the BSE. The scrip increased by 50% in the past three months.

Sales improved 58% by value and 52% by volume over Q1FY23, amid robust traction across new launches and ongoing projects,” said Rahul Talele, Kolte Patil Developers Group CEO. Besides, the customer sentiment relics strong, and the developer will capitalise on this demand for larger homes and distinguished offerings.

Realisations enhanced 4% YoY during the quarter to Rs 7,545 per square foot. Meanwhile, collections plunged 8% YoY to Rs 513 crore in the June quarter.

A robust focus on sales, registrations, and construction interpreted into robust groups during the quarter under review, Kolte Patil Developers said.

The company is assured of satisfying the momentum throughout the year amid robust economic tailwinds, a robust pipeline of launches, and a strong Balance Sheet.