Kolte-Patil Developers surges 18% on strong Q2 results

Kolte-Patil Developers has surged 18% to Rs 112 on the BSE in otherwise range-bound market after the company reported a strong 54% year on year (YoY) jump in net profit at Rs 19.3 crore for the quarter ended September 2016 (Q2FY17), on back of healthy volume growth.
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“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,” Rajesh Patil, chairman and managing director, Kolte-Patil Developers said.The pre-sales in Q2 were higher by 24% YoY in value volume terms and 77% YoY in value terms. Collections remained healthy at Rs 234 crore, he added.

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The company said going forward, increased contribution from asset-light Mumbai projects will enable ROCE expansion and increased average price realizations.Expected fall in interest rates will result in reduction in finance costs, it added.At 10:00 am; the stock was up 14% at Rs 108 on the BSE, as compared to 0.11% decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than 10-fold with a combined 1.13 million shares changed hands on the BSE and NSE so far.
 

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