KOLTEPATILNSEQ4 & FY2531 May 2025

Kolte - Patil Developers Limited

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Management on call

Shah. Smit Shah

Thank you, Manav. Good afternoon, everyone, and thank you for joining us on

Key numbers — 40 extracted

6.5%

es to stand out as one of the fastest growing economies globally with FY25 GDP estimated at about 6.5%. Despite the global trade and policy scenario remains uncertain, India’s growth is expected to re

Rs. 2,432 crore

g Collections, Realizations, and Total Income. In FY25, we achieved highest ever collections of Rs. 2,432 crore marking a growth of 18% YoY. This was achieved on account of improved efficiency in constructio

18%

al Income. In FY25, we achieved highest ever collections of Rs. 2,432 crore marking a growth of 18% YoY. This was achieved on account of improved efficiency in construction milestones and steady sa

Rs. 880 crore

ciency in construction milestones and steady sales. As a results, operating cash flows stood at Rs. 880 crore for FY25. Sales remained at around Rs. 2,800 crore, impacted due to deferment in planned project

Rs. 2,800 crore

les. As a results, operating cash flows stood at Rs. 880 crore for FY25. Sales remained at around Rs. 2,800 crore, impacted due to deferment in planned project launches owing to regulatory and procedural delay

Rs. 4,000 crore

nd procedural delays. In FY25, we launched projects with a total GDV of approximately Rs. 4,000 crore. New launches contributed ~42% to overall sales, reaffirming the optimistic demand scenario and a

42%

d projects with a total GDV of approximately Rs. 4,000 crore. New launches contributed ~42% to overall sales, reaffirming the optimistic demand scenario and acceptance of our brand. We re

Rs. 7,758

istic demand scenario and acceptance of our brand. We reported highest ever annual realization of Rs. 7,758 per sq. foot marking a growth of 8% YoY. This was achieved on the back of a disciplined pricing

rand. We reported highest ever annual realization of Rs. 7,758 per sq. foot marking a growth of 8% YoY. This was achieved on the back of a disciplined pricing strategy and the successful implement

Rs. 631 crore

ned homebuyer confidence in our offerings and execution. In Q4 FY25, we recorded sales value of Rs. 631 crore supported mainly by sustenance inventory across our portfolio. Collections during the quarter r

Rs. 704 crore

sustenance inventory across our portfolio. Collections during the quarter reached a new high of Rs. 704 crore, reflecting a 19% YOY growth. Realizations for the quarter rose 9% YoY to Rs. 7,904 per sq. ft.,

19%

s our portfolio. Collections during the quarter reached a new high of Rs. 704 crore, reflecting a 19% YOY growth. Realizations for the quarter rose 9% YoY to Rs. 7,904 per sq. ft., led by firm mome

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Guidance — 20 items

Atul Bohra

opening

“India continues to stand out as one of the fastest growing economies globally with FY25 GDP estimated at about 6.5%.”

Atul Bohra

opening

“Also, the Union Budget FY26, focussed on inclusive growth, macro-economic stability, and consumption boost.”

Atul Bohra

opening

“We expect the residential demand to sustain across mid-income and premium.”

Atul Bohra

opening

“Coming to the performance for the period under review, I am happy to share that FY25 has been a strong year for the Company, with milestones achieved on various operational and financial metrics including Collections, Realizations, and Total Income.”

Atul Bohra

opening

“In FY25, we achieved highest ever collections of Rs.”

Atul Bohra

opening

“2,800 crore, impacted due to deferment in planned project launches owing to regulatory and procedural delays.”

Atul Bohra

opening

“In FY25, we launched projects with a total GDV of approximately Rs.”

Atul Bohra

opening

“In Q4 FY25, we recorded sales value of Rs.”

Atul Bohra

opening

“On the business development front, enhancing our future growth pipeline, in FY25, we added a project in Wadgaon (Pune) with the GDV potential of Rs.”

Atul Bohra

opening

“This was driven by disciplined execution and timely project completion.”

Risks & concerns — 3 flagged

Despite the global trade and policy scenario remains uncertain, India’s growth is expected to remain strong supported by firm domestic demand, accommodative monetary policy and progressive regulatory environment.

— Atul Bohra

In fact, I mean, to the best of my knowledge, there is a bit slowdown from FY24 to FY25.

— Mehul Panjwani

So, there is a natural impact of certain fixed overhead cost which go through P&L, charged through P&L.

— Atul Bohra

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Q&A — 16 exchanges

My question was, can you give the guidance for pre-sales and launches for the next year and how it's going to pan out throughout the year?

Atul Bohra

Thank you, Gautam. We are very much on track of our long-term guidance. However, given the situation, we will revisit going forward the strategy, and it may take a quarter or two quarters to provide you the guidance for the year. However, on the long-term trajectory, we still remain very much on track. Anything regarding the projects, any updates on that over the next year and the new launches that we have? So, during the financial year, we have launched the project with the GDV potential of Rs. 4,000 crores. Given the situation that a couple of projects are deferred on account of a few of the

Yes, given the fact that there were general election and state election during the year, and couple of projects are more specific by which we have observed few deferment in the launches, and as I already mentioned that we will keep a close eye on those and we will update once we see some progress on those. Dhananjay Mishra: And what is the status of this open offer as of now?

Atul Bohra

So, this transaction is very much under regulatory approval process as of now. So, all the details are already shared through stock exchanges filing. And once, as and when it is progressing, from time to time we are updating through exchange filings. Dhananjay Mishra: Okay, Thank you

Thank you, Himanshu. As you have seen that as compared to FY24, where we had EBITDA of almost Rs. 65 crores, this year we have seen almost Rs. 227 crore with Y-o-Y increase of 252%, as well as the PAT margin from negative Rs. 69 crores to Rs. 107 crore. So, there is already a lot of improvement and as you rightly mentioned that since the APR trajectory also in last 4-5 years, we have seen a good amount of traction in rise of APR specifically with the last year as well, the highest ever realization for this financial year with Rs. 7,758 per square feet, which has increased 8%. We see with all t

Atul Bohra

Sir, we are doing that exercise as an internal exercise as well. However, it's really not that there to comment as of now.

So, two questions from my side. First is on how would you read the market right now considering last year we had almost Rs. 3,800 crore worth of launches as in FY24. And from those launches, we had a contribution of roughly Rs. 1,800 crores. This time also we had like almost all launches of Rs. 4,000 crores, but contribution is roughly Rs. 1,100 crores. So, is it just because of the timing of these launches? Hence, we are seeing this lower contribution or in general, you see some weakness in your home market? That's my first question. And second question is on the timelines part of the approva

Atul Bohra

Thank you, So, coming to your first question, more specifically on the demand scenario, we have seen in the last couple of months, most of the walk-ins and the conversion numbers seems to be in a very positive mode, specifically in Pune and Mumbai region where we have seen uplift demand in the premium houses. At the same time, MIG keep continuing sustained story. At the same time, you know, there are quite a good initiatives of interest rate reductions and few of the recent budget announcements we see the demand will sustain. Coming to the second question, where the approval challenges and the

Thanks for opportunity. So, two questions from my side. So, while we do understand that the deal is on, at the same time, there is no clarity on approvals. But if you could, you know, some broad understanding or broad thoughts on the launches of Mumbai and at the same time launches of Pune ex LR, some broad numbers, A. And secondly on the P&L, just wanted to understand, this quarter has been very robust. So, how should one look at FY26 and FY27 from that perspective?

Atul Bohra

Thank you Shreyans So, in terms of Pune launches, if I give you a broader perspective, last year as well we have launched Life Republic itself. We have launched a project to the tune of Rs. 2,000 crores and in the rest of the Pune market we have launched more than Rs. 1,600-1,700 crores worth of inventory. At the same time, in Mumbai, we have launched our project in Navi Mumbai. And given the fact, there are a couple of upcoming launches in Mumbai as well as in Pune. However, as I already mentioned that we are keeping a close eye on the approval procedures. And as and when we see progressive d

Sir, just one, first question is on the long-term guidance. So, can you just, I know things are a little bit hazy right now for FY26. But long term, where do you want KPDL to be? I mean, if you have some clarity on that, you can give some clarity on that.

Atul Bohra

Thank you, Biplab. As far as I have already said that on the long-term guidance, we are very much on track. We are closely working on those guidance. However, given the fact we are still revisiting the strategy, and maybe it will take certain time to guide you further. So, my question was what was the long-term strategy that you mentioned? No, for the long-term we have already guided on Rs. 13,500 crore and that is still on track. Okay, Okay! My second question is on the, you know, now Blackstone and there is a promoter. And there is a Blackstone who would be jointly controlling the company. S

Hi Sir, Two questions from my side. While these are repetitive, want some clarity first on launches, right? So, one of the reasons why we probably were not able to meet our guidance, right, of FY '25 was delays in the Mumbai launches. Now, I wanted to understand whether that was the only reason, and was this something to do with the macro and general election, or was it something very specific to our project? And going by your previous answers, is it fair to understand that these problems should no longer be there in FY26? That's my first question on launches, sir. I will ask the next question

Atul Bohra

So, as I said that we are keeping a close eye on most of our sanctions and approval procedures. Even though today we still have a strong pipeline for the launches which will be in line with our long-term guidance to meet those long- term guidance. However, I really want to not comment much unless and until those approvals get progressed at advanced stage. At that time, we will keep guiding you on specific timelines. Okay, understood sir. The second question is on margins, right? Now, in the previous call, what you have mentioned is that, the reason why our reported margins were lower in, let's

Thank you, Siddharth. I think it remains more or less steady as compared to even FY24 versus FY25, the other expenses which goes roughly around in the trajectory of Rs. 150 crore. Siddharth Agarwal: Okay, thank you. And sir, the second question is, could you give us some estimate of our delivery or value or area-wise which is scheduled for position in FY26 or FY27 as per our commitments to our clients?

Atul Bohra

So, Siddharth, as I already mentioned that for next year's guidance and is it in terms of presales or maybe delivery, it's too early to comment. Siddharth Agarwal: Sorry, but sir, this is delivery will be as per projects which were launched, and you already know what is delivering for the company this year, right? It’s not the guidance. Correct. Siddharth Agarwal: What is scheduled is there could be slippages, but what is as per the project's timeline scheduled for delivery this particular year? So, this year we have delivered and handed over almost 2,600-2,700 of units. Next year we estimate

See, Atul, my first question is related that in initial or opening remark, there is a delay in the approval due to regulatory changes and some of other Bombay- based builder also as developer commented on. So, if you can share some what changes happen on the regulatory guideline which has caused the whole delay? And what stage we are in this regulatory compliance?

Atul Bohra

I think this is, as you have already mentioned, that this is more of an industry related issue, not a company specific. I understand, but if you can give some more color, what change in regulatory approval has happened? No, this is improving. No, no. What are the changes that regulator has brought which has delayed the whole approval process? So, there are few environmental committee aspects or maybe there are few notifications or regulatory changes. These are not something as specific as such. There are multiple factors which are in the entire approval chain. So, it is hard to comment like an

Thank you for the chance. So, sir, if I remember correctly, I think in the last few con calls, we had talked about the finance cost being a certain number close to Rs. 100 crores odd. However, it was significantly lower. So, can you explain what is the reasoning for the same and just for us to understand what happened? Like this year we have recorded around Rs. 42 crores. This quarter was only Rs. 6 crores, and earlier it was around Rs. 12-15 crores a quarter. So, can you explain this and also how do you see this number for the next financial year? And then I have another question which I will

Atul Bohra

Thanks, Rohit. So, finance cost, which is for FY ‘25 for Rs. 42 crores, and might be your question is, how it is as compared to last year. It's rationalized to be based on how much is directly apportioned to the project. So, few of the finance costs which directly charged to the WIP, which is correlating to a particular project, and that's how actually there is a little bit of a lower finance cost in this financial year because it has largely been capitalized basis on the use of the capital. So, what is the expectation for this financial year, FY ‘26? It should be in the same range of around t

Hi, good afternoon. I have one question on the business development side. So, in the previous call, you were quite confident to touch the guidance of Rs. 8,000 crore of business development. And you mentioned that some of the deals were quite close to completion. Could you update on the status of those? And just a follow-up question to that, are these business development deals put on hold?

Atul Bohra

Thanks, Vikas. So, business development is one of our very important initiatives. And last year we have concluded a transaction with a GDV potential of Rs. 4,000 crore and a total potential of 5 million square feet in Pune. At the same time, there are few deals, you know, it's very early to comment. But yes, which are moving in a quite positive direction. And we will keep updating once we conclude on those transactions.

Thank you so much for taking my question. So, sir, my question is regarding the growth and realization for the Life Republic Township project.

Atul Bohra

So, for the financial year, we have average price realization growth of almost 7% at Life Republic project. And the volume is 1.9 million square feet at Life Republic project, which is very much in line with the last financial year. Thank you so much, sir. And sir, my second question is that we gave a pre- sales guidance of Rs. 13,500 crore for three years. So, are we moving in the lines on that same direction, sir? Yes, I have already mentioned that, that is very much on track. Even though we will keep updating you once we go through a few of, you know, revisiting our strategy. So, that may t

Hello, Good evening. Firstly, for FY26, have you given any presales guidance along with collections? And this Rs. 13,500 crores number which you mentioned, what is this with regards to the long-term guidance? If you can clarify that again? Thank you.

Atul Bohra

Yes, so Rs. 13,500 crores is the long-term guidance of FY25 to FY27. For this, specifically for FY26 guidance, I have already mentioned that we may take a quarter to revert on the specific guidance for the financial year. However, the long-term guidance is still very much on track. No, what is it about? The guidance? The figures for which like particular... Presale guidance. Presale guidance. okay, got it, thank you & all the best.

Thank you for the opportunity, Sir, I have two questions. First question is about what is the percentage of GDV value for the entire company which we can attribute to Life Republic? And you can answer that and then I will ask my second question.

Atul Bohra

For FY25, out of the total GDV presale number, it contributed 45%. 45%. And what was that number for FY24, sir? I think it is very much in line with that only. 45% if I am not wrong to be precise. Last year it was also 45%. And sir, my second question is, the real estate environment was quite robust last year in FY24. In fact, I mean, to the best of my knowledge, there is a bit slowdown from FY24 to FY25. So, I would like to know what was the reason that we went into red last year and now we have jumped back to a certain positive. Can you elaborate a little bit on this? There are multiple fact

Thanks, Himanshu. This is the foremost priority for the company, customer centricity. And this is an ongoing process. We are rebuilding it for improvising in the upcoming year as well. At the same time, constantly from last couple of years and going forward as well, almost around 2,500 to 4,000 units handover happened. And we are getting quite experienced people. The team is implementing tech-enabled solutions to handle all this scale going forward. But yes, in a nutshell, we have started this journey and improvement is quite visible. At the same time, there will be much more improvement in th

Atul Bohra

So, Himanshu, Wadgaon deal is a joint venture, joint development deal, wherein the deal is at a land stage, and we have started the process of approval. Even though some primary approvals we have got, few NOCs we have received, but still there are multiple approvals and multiple agencies are involved into it. But as I have to tell you or comment you on the Wadgaon approval procedure is already started and it is progressing well as per the plan activities.

Thank you once again for your interest and support. We will continue to stay engaged, and if you have any further questions, please feel free to reach Dipti Rajput at KPDL. Look forward to interacting with you for the next quarter.

Management

Speaking time

Atul Bohra

Moderator

Rohit

Gautam Rajesh

Biplab Debbarma

Bharat Sheth

Rahil Shah

Mehul Panjwani

Shreyans Mehta

Prolin Nandu

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Opening remarks

Smit Shah

Thank you, Manav. Good afternoon, everyone, and thank you for joining us on the Q4 and FY '25 Results Conference Call of Kolte-Patil Developers Limited. We have with us Mr. Atul Bohra, Group CEO, and Ms. Dipti Rajput, Vice President, Investor Relations. Before we begin, I would like to remind you that certain statements made in today's discussion may be forward-looking in nature and may involve certain risks and uncertainties. A detailed statement in this regard is available in the Q4 and FY '25 results presentation that has been shared with you earlier. I now hand over the call to Mr. Atul Bohra, Group CEO, to begin the proceedings of this call. Thank you, and over to you, sir.

Atul Bohra

Thank you very much. Good afternoon and a warm welcome to everyone present on this call. Thank you for joining us today to discuss Operating and Financial Performance of the company for the 4th Quarter and full year-ended 31st March 2025. I would now like to share my views on the real estate environment, followed by an overview of key developments during the period under review. Dipti will then take you through the key financial highlights. Following this, we will open the forum for Q&A. India continues to stand out as one of the fastest growing economies globally with FY25 GDP estimated at about 6.5%. Despite the global trade and policy scenario remains uncertain, India’s growth is expected to remain strong supported by firm domestic demand, accommodative monetary policy and progressive regulatory environment. Also, the Union Budget FY26, focussed on inclusive growth, macro-economic stability, and consumption boost. Rationalized tax rates will benefit middle- income individuals and co

Dipti Rajput

Thank you, Atul. Good afternoon, everyone. I’d now like to take you through our financial performance for the quarter and full year ended 31st March 2025. Under CCM-based accounting, our Q4 FY25 total income grew 37% YoY to Rs. 723 crore from Rs. 528 crore in Q4 FY24. For the full year ended March 2025, we recorded milestone total income of Rs. 1,764 crore, compared to Rs. 1,395 crore in FY24, marking a growth of 27% YoY. Reported profits have also been improving. Q4FY25 EBITDA of Rs. 112 crore improved significantly as compared to EBITDA loss of Rs. 8.7 crore in Q4 FY24. For the full year FY25, EBITDA at Rs. 227 crore increased by 252% YoY from Rs. 65 crore in FY24. Q4FY24 Net profit after tax (post-minority interest) stood at Rs. 65 crore as compared to a loss of Rs. 27 crore in Q4 FY24. For the full year FY25, Net profit after tax (post-minority interest) stood at Rs. 107 crore as compared to a loss of Rs. 69 crore in FY24. As you're aware, revenue and profit recognition are closely

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