This is the biggest single-day gain for the stock in over three years. The stock had last gained by such a quantum back in January 2023, when it had surged 17.5%.
The stock has now gained in seven out of the last eight trading sessions. Here are five reasons behind the surge in the stock:
First, even as pre-sales remained flat during the June quarter at ₹617 crore, its realizations went up by 29% from last year to ₹9,442 per square feet. Price revisions across projects contributed to the jump in realizations.
Two, Cash Collections during the quarter went up by 30% to ₹715 crore, which translated to a 29% increase in cash from operations to ₹212 crore at the end of the June quarter.
Three, a key reason behind the rise in realization was the contribution of Mumbai to the overall financial performance. Mumbai accounted for nearly 30% of the total sales value.
Four, the company’s gross development value at the end of the June quarter stood at ₹6,000 crore, just for the redevelopment business, translating into a saleable area of 2 million square feet.
Lastly, the real estate developer said that it will not be holding an earnings call for the ongoing quarter as it is going through a phase of integration and leadership transition.
Shares of Kolte-Patil developers are trading 16.4% higher on Tuesday, at ₹538. The stock is already up 38% in the month of August, and this is turning out to be the best month for the stock since April 2020, during which the stock had gone up by 42%.
With this upmove, the stock, which was flat on a year-to-date basis, has also risen over 37% so far this year.
