Kolte-Patil Developers reported a strong second quarter for the financial year, as the real estate recovery seen in earlier quarters continued apace.
The company’s collections — a measure of the cash it managed to collect from buyers — zoomed 86% compared to the COVID-ravaged second quarter of last year, and was up 34% compared to the similarly disrupted first quarter of the current financial year.
For the three months ended September, Kolte-Patil’s total collections came in at Rs 374 cr, up from Rs 279 cr in the preceding quarter and Rs 201 cr in the year-ago period.
It attributed the higher collections to “improved momentum in sales, registrations, construction and customer relationship management.”
New property sales/bookings rose 121% on year to Rs 429 cr worth, which was also up 73% compared to the first quarter of the current financial year.
“Demand remains strong across product segments and through the three geographies of Pune, Bengaluru and Mumbai,” the company said.
“Residential sector performance continues to witness an improvement on the back of India’s resilient economic performance coming out of the second wave and we now see the structural theme around the value of owning a home being reinforced,” it added.
The company said it expects to repeat its traditional outperformance seen in the second half of the year.
“We expect a similar trend once again to end FY22 on a strong note.”
The company said it has been able to see the results of its attempts to move beyond its traditional market of Pune, as non-Pune markets accounted for around 35% of the total sales/bookings.
“Mumbai portfolio contribution up to 26% of total sales value. Mumbai region reported sales value of Rs. 113 crore, as against Rs. 15.5 crore in Q2 FY21, on the back of an uptick in traction at Verve (Goregaon) and sustained momentum at Vaayu (Dahisar). As a result, within first half itself, we have matched the last full year’s Mumbai sales value number of Rs 180 crore.”
Bengaluru contributed sales of Rs 35 crore in Q2.