Kolte Patil Developers Ltd's Net Loss At Rs 14.45 Cr For Q2FY20

New Delhi: Realty firm Kolte-Patil Developers Ltd has reported a consolidated net loss of Rs 14.45 crore for the second quarter of the current fiscal as against a net profit of Rs 11.19 crore in the corresponding quarter of the previous fiscal.

The total sales of the company declined 8 percent to Rs 195 crore for the second quarter of the ongoing fiscal as compared to Rs 213 crore in the same quarter last fiscal, it said in a regulatory filing.

The new area sales in volume terms in the second quarter of the current fiscal stood at 0.5 million sq ft as compared to 0.77 million sq ft in the corresponding period of the previous fiscal, a drop of around 35 percent. The new area sales in terms of value in the second quarter of the current fiscal stood at Rs 268 crore as compared to Rs 399 crore in the corresponding period of the previous fiscal, down by about 33 percent.

The collections in the second quarter of the current fiscal stood at Rs 293 crore as compared to Rs 294 crore in the corresponding quarter of the previous fiscal. 

“Our robust operational performance will allow us to use internal accruals for the buyout of ICICI Venture's next tranche in Life Republic. Recently, we delivered strong returns with an IRR of 23.1 percent over 45 months to Motilal Oswal Real Estate from our City Avenue project located in Wakad in Pune,” said Gopal Sarda, Group CEO, Kolt-Patil Developers Ltd in a statement.

 

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