Kolte-Patil Sees Decline in Sales as New Launch Delays Impact Revenue

Kolte-Patil Developers Ltd reported a 15% decline in sales bookings for the fourth quarter, amounting to Rs 631 crore, largely due to lower volumes. The firm's annual sales volume also slightly declined by 1% to Rs 2,791 crore. Despite the dip, engagement in new launches contributed significantly to sales.

Kolte-Patil Developers Ltd, a leading real estate firm, recorded a 15 percent dip in sale bookings to Rs 631 crore in the last quarter of the fiscal year due to decreased volumes.

Though the full fiscal year witnessed only a marginal 1 percent drop to Rs 2,791 crore, sales volumes declined 8 percent to 3.60 million square feet. Despite this, the firm's average realization per square foot increased by 8 percent to Rs 7,758.

CEO Atul Bohra attributed this year's milestone collections of Rs 2,432 crore to enhanced operational efficiency and robust customer engagement. Blackstone is set to acquire a significant stake in the company, marking its entry into India's residential market.

(With inputs from agencies.)