Kolte Patil Developers Q2FY18 consolidated net profit rises 48.9% yoy

Kolte-Patil Developers consolidated revenue for the quarter came in at Rs. 389 crore, registering 72.1% yoy increase. EBITDA for the quarter rose by 22.6% yoy to Rs. 69.8 crore with a corresponding margin contraction of 727 bps. EBITDA margin for the quarter stood at 18%. This margin contraction was led by rise in cost of construction/development as proportionate to sales (~75.1% in Q2FY18 vs ~63.6% in Q2FY17) The PAT for the quarter came in at Rs. 30.1 crore, yoy increase of 48.9%. During the quarter company witnessed ~22% yoy rise in finance cost. During the quarter, it completed a strategic divestment of land parcel in Wakad for a consideration of Rs 161 crore.