Kolte-Patil Developers has reported a substantial increase in its net consolidated profit for the fourth quarter of FY23. With a net income of Rs 120.80 crore, representing a growth of 352.77 percent compared to the previous year, the company has achieved remarkable financial performance. The net consolidated total income also witnessed significant growth, reaching Rs 804.42 crore, a rise of 111.14 percent. The company has undertaken debenture allotments and private placements to secure funds, while also proposing a dividend for the fiscal year.
Kolte-Patil Developers has witnessed a significant increase of 352.77 percent in its net consolidated profit for the quarter ending on March 31, 2023. The company reported a net income of Rs 120.80 crore during the fourth quarter of FY23, which is a considerable increase from the Rs 26.68 crore it earned in the same quarter of the previous financial year, according to a BSE filing.
The company’s net consolidated total income rose in Q4 FY23 to Rs 804.42 crore. This marked a significant growth of 111.14 percent from the previous year's figure of Rs 380.99 crore for the same quarter.
The Board of Directors' Debenture Allotment Committee has privately allocated 14,000 non-convertible debentures (NCDs) worth Rs 100,000 each, totalling Rs 140 crore in face value, to the India Realty Excellence Fund IV. The NCDs are both secure and unlisted and are redeemable. In the absence of early redemption, NCDs will have a 10-year maturity term with an annual interest rate of 0.001 percent, compounded on an annual basis.
A private placement has resulted in the allocation of 20,650 senior, secured, listed, rated, redeemable zero-coupon NCDs, each with a face value of Rs 100,000. Marubeni Corporation of Japan has been granted these NCDs totalling Rs 206.50 crore. These NCDs have a tenure of 120 months unless redeemed before that time. For the fiscal year 2022-23, the board has proposed a conclusive dividend of Rs 4 per share with a face value of Rs 10 each.
The board of directors has agreed to obtain funds by issuing equity shares and/or secured or unsecured, redeemable non-convertible debentures, as well as debt instruments, fully or partially convertible debentures, bonds, global depository receipts, and American depository receipts. These may be offered through public or private means, as well as through rights issue, preferential allotment, qualified institutional placement, or any other legal mode. The total amount raised will not surpass Rs 800 crore and may be done in multiple stages.
The domestic property industry is still thriving and enjoying favourable conditions. At Kolte-Patil has taken advantage of the positive market conditions. Throughout the year, they introduced 3 million square feet of space in diverse locations and market sectors in order to satisfy the distinctive requirements of our customers. The feedback was positive since approximately 51 percent of the sales figures for the reviewed year came from newly launched products.
Advertisement
Facebook
Whatsapp
