Sujay Kalele,Group CEO, Kolte Patil says the company has three projects that are in various stages of receiving approvals having about .35 million square feet of saleable area.
After its stock having surged over 3 percent in early trade today, Sujay Kalele, Group CEO, Kolte-Patil Developers says the company is looking at diversifying its portfolio in Mumbai as about 90 percent of its revenues come from Pune.
Speaking to CNBC-TV18, Kalele says the company has three projects that are in various stages of receiving approvals having about 0.35 million square feet of saleable area.
The company is now eyeing redevelopment projects in eastern and western suburbs worth Rs 400-500 crore and it will be funded by internal accruals and other sources.
"We have seen good response to our projects here and we are now looking to raise Mumbai's revenue contribution to 20 percent," he further adds.
Below is the edited transcript of Sujay Kalele's interview with Ekta Batra & Anuj Singhal on CNBC-TV18.
Ekta: We understand that majority of your revenues or 90 percent of your revenues come from the Pune market but now you are looking to diversify more aggressively into the Mumbai market. Can you tell us the rational behind it and what are the projects which are currently under development which you already have in the Mumbai market?
A: We have three projects currently which are under various stages of approvals which total to about 0.35 million square feet of sellable area. They will be put to execution progressively over the next six-nine months and therefore, over the next two-three years we hope that the topline share will reduce in Pune to about 60-70 percent; 10 percent will be Bengaluru and remaining 20 percent will come from Mumbai.
Kolte-Patil stock price
On August 25, 2014, at 14:15 hrs Kolte-Patil Developers was quoting at Rs 176.60, up Rs 5.70, or 3.34 percent. The 52-week high of the share was Rs 183.85 and the 52-week low was Rs 52.10.
The company's trailing 12-month (TTM) EPS was at Rs 5.10 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 34.63. The latest book value of the company is Rs 106.39 per share. At current value, the price-to-book value of the company is 1.66.
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