Kolte-Patil Developers has posted a healthy Q1 with profit rising 32 per cent, although revenue growth has been muted. Speaking to BTVi , Gopal Sarda, Group president and CEO-Mumbai, said the company recorded new bookings of 0.66 million square feet in Q1 of FY17 as against 0.5 million square feet in FY16.
The highest traction is coming from the MIG (middle-income group) portfolio that contributed 65 per cent; the luxury segments are contributing 20-22 per cent and 10-11 per cent is coming from the township, he said.
The Q1 revenues stood at ₹179.8 crore compared with ₹189.1 crore in Q1 of FY16. But as far as our pre-sale numbers go, the company recorded new bookings of 0.66 million square feet in Q1 of FY17, as against 0.5 million square feet in FY16. The sale value stood at ₹370 crore in Q1 of FY17, compared with ₹300 crore in Q1 of FY16. All in all, the profit margin has gone up 32 per cent and even pre-sales is higher by 32 per cent on a year-on-year basis. But the revenue recognition will come in the coming quarters where you will see further tractions towards the overall revenue growth.
For your group, the value of area sold is close to ₹370 crore this quarter as against ₹376 crore the previous quarter and ₹300 crore a year ago.
So, on a year-on-year basis, you have seen a pick-up.
However, sequentially we have seen a dip. Is it right to say that the real-estate prices have dipped in the last three months. If yes, by how much?
The significant difference is because of the retail shops sale that happened in the last quarter.
In the last quarter, we sold two shops based out of Mumbai — which were contributing ₹25 crore — and around 3-4 retail shops based out of Pune — which were contributing ₹17-18 crore. So the drastic difference in terms of sale-value is because of that.
Overall, the prices are stable since Kolte-Patil has a vast portfolio of budget, MIG, ‘24K’ brand and super luxury homes. It all depends which portfolio is contributing for the particular quarter, and based on that the sale-value differs.
Right now, among the various portfolios that you have, where do you see the highest tractions coming from?
The highest traction is coming from the MIG portfolio. MIG has contributed 65 per cent, 24K luxury is contributing 20-22 per cent; 10-11 per cent is coming from the township and around 4-5 per cent from the DMA (development management agreement) project.