Kolte Patil share price saw a surge of more than 7 per cent in the morning trading session. The share price is currently trading at Rs 120.00 apiece on NSE.
The Company targets 20 per cent pre sale growth
Kolte Patil, the real estate builder based in Pune said that it expects to increase the pre-sales for the current fiscal by approximately 20 per cent and is targeting deliveries of around 2,500 units. The Company said uptick in pre-sales is expected to sustain for the rest of the year.
Kolte Patil is also targeting launch of two projects at prime locations in Bengaluru, at Kormangala and Hosur Road, during the course of the current financial year.
The revenue trajectory of the Company is expected to improve in the financial year 2016-17 as a greater proportion of 100 per cent owned projects come up for revenue recognition, including contribution from Mumbai portfolio. The company reported a 33 per cent jump in its net profit in Q1 despite the 5 per cent dip in revenue due to tight control over expenses.
The Company also added that the overall cost efficiencies will be maintained at all project sites to facilitate margin expansion. During FY16, the debt level of the Company saw a slight uptick on account of the Corolla stake purchase and working capital investments in Mumbai expansion, however, it is expected to taper off given the strong cash flows and focus on collections.
Kolte Patil share price today
On the market front, Kolte Patil share price opened at Rs 120.75 from a previous closing of Rs 121.00. A total of 5,210 shares aggregating to a total value of Rs 6.28 lacs have exchanged hands on the counter of NSE. Kolte Patil is recognized as one of theTop 500 shares on the account of it strong fundamentals.
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