Kolte-Patil reports sale of 500 units, stock up by 19 per cent

Pune-based real estate developer, Kolte-Patil Developers, informed the bourses that it has recorded sales of 500 units of flats, with a booking value of around Rs 205 crore. This stellar sale was attributed to the 'ZABARDUS' campaign, which was launched on November 7, 2019, and ran till December 15, 2019.

The company, in its exchange filing, said that the Life Republic project, which is spread across 390 acres at Hinjewadi, Pune, is expected to continue to drive the company’s revenue, profits, cash flows, and return ratios in a significant manner over the next decade-and-a-half. As of now, ~ 4.2 million sq. ft. have already been delivered in the project. Furthermore, this project has 4 million sq. ft. of pre-approved development space by MAHAREM, and is expected to add another 10,000 residents within three years.

Despite a slowdown in the economy, the company has managed to reduce its long-term debt from Rs 234.47 crore as on March 31, 2019 to Rs 195 crore as on September 30, 2019.

With response to this positive development, the stock of Kolte-Patil jumped nearly 19 per cent to touch an intra-day high of Rs 266.40 apiece. At 15.05 hours, the stock was trading at Rs. 254.5, up by 13.7 per cent from the previous close.