Kolte-Patil Developers Reports Q2 Loss, Announces Leadership Change

Kolte-Patil Developers Ltd posted a Rs 11.14 crore loss in Q2, a dip from last year's Rs 10.34 crore profit. Total income dropped 50% to Rs 161.75 crore. CEO Atul Bohra and Director Sudha Pravin Navandar resigned; Avani Vishal Davda is appointed as a new independent director.

Kolte-Patil Developers Ltd has announced a consolidated net loss of Rs 11.14 crore for the September quarter, alongside the resignation of Group CEO Atul Bohra.

In contrast, the real estate firm reported a net profit of Rs 10.34 crore during the same period last year, with its total income plunging by 50% to Rs 161.75 crore from Rs 320.96 crore a year earlier, a regulatory filing revealed.

The board has approved the appointment of Avani Vishal Davda as an additional independent director, pending shareholder approval. Pune-based Kolte-Patil, a leading real estate firm, has developed over 68 projects spanning residential and commercial spaces.

(With inputs from agencies.)