Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
-------------

Equity Bottom-Up

Kolte Patil Developers / Equity Bottom-Up

<ul>
<li>Kolte Patil reported a strong FY22 and guided for even a stronger FY23. FY22 closed with highest ever sales value and collections.</li>
<li>FY23 is set to fire on all cylinders - new launches, business development aka new project acquisitions and delivery of under-construction projects.</li>
<li>FY23 sales value is expected to be 2200cr, implying PAT potential of 220cr.  At current market cap of 1800cr, Kolte Patil is trading cheap at 8x P/E per FY23E PAT.</li>
</ul>


Kolte Patil reported a strong FY22 and guided for even a stronger FY23. FY22 closed with highest ever sales value and collections.
FY23 is set to fire on all cylinders - new launches, business development aka new project acquisitions and delivery of under-construction projects.
FY23 sales value is expected to be 2200cr, implying PAT potential of 220cr.  At current market cap of 1800cr, Kolte Patil is trading cheap at 8x P/E per FY23E PAT.


Kolte Patil: Reported Stellar FY22 Earnings; All Is Set To Post Even Better FY23

<ul>
<li>Residential real estate sector continues to be on an upcycle in line with our thesis. Kolte Patil is benefitting from this trend and reported record quarterly pre-sales of INR 561cr.</li>
<li>Kolte Patil continues to maintain its FY22 guidance at 2.5mm+ sq.ft. sales and FY23 projection at 3mm+ sq.ft. alongside continued improvement in realization as the contribution from Mumbai increases. </li>
<li>Given strong balance sheet, Kolte Patil has been also bidding for new projects and is confident that it may acquire a large new project in Mumbai in the near-term.</li>
</ul>


Residential real estate sector continues to be on an upcycle in line with our thesis. Kolte Patil is benefitting from this trend and reported record quarterly pre-sales of INR 561cr.
Kolte Patil continues to maintain its FY22 guidance at 2.5mm+ sq.ft. sales and FY23 projection at 3mm+ sq.ft. alongside continued improvement in realization as the contribution from Mumbai increases. 
Given strong balance sheet, Kolte Patil has been also bidding for new projects and is confident that it may acquire a large new project in Mumbai in the near-term.


Kolte Patil: Record Pre-Sales In Q3FY22; New Project Acquisition Likely in Mumbai

<ul>
<li>In line with our thesis, the real estate sector continues to be on an upcycle with robust demand. Kolte Patil is benefitting from this trend.</li>
<li>Kolte Patil reported strong growth in sales and cash flow in Q2FY22. It has now guided for surpassing its earlier guidance of selling 2.5mm sq ft in FY22.</li>
<li>With increased sales momentum and consequent collections, Kolte Patil has been also reducing debt materially with net debt to equity now at just 0.23x.</li>
</ul>


In line with our thesis, the real estate sector continues to be on an upcycle with robust demand. Kolte Patil is benefitting from this trend.
Kolte Patil reported strong growth in sales and cash flow in Q2FY22. It has now guided for surpassing its earlier guidance of selling 2.5mm sq ft in FY22.
With increased sales momentum and consequent collections, Kolte Patil has been also reducing debt materially with net debt to equity now at just 0.23x.


Kolte Patil: Continued Momentum In Sales Velocity

Thematic (Sector/Industry)

<p>Real estate sector in India has come a long way over the past decade. From being a fragmented unorganized sector fraught with dealings in cash, the sector has been undergoing significant shifts since introduction of regulations like RERA and GST. At the same time, consumer preferences are shifting towards buying from branded and trusted developers. This is leading to favorable supply and demand shifts in the sector which is helping the organized sector.</p>
<div class="content-highlight">
<p>Post this thematic insight, we will follow up with a detailed thesis on our top investment idea in the space. </p>
</div>

Real estate sector in India has come a long way over the past decade. From being a fragmented unorganized sector fraught with dealings in cash, the sector has been undergoing significant shifts since introduction of regulations like RERA and GST. At the same time, consumer preferences are shifting towards buying from branded and trusted developers. This is leading to favorable supply and demand shifts in the sector which is helping the organized sector.

Post this thematic insight, we will follow up with a detailed thesis on our top investment idea in the space. 


A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

<p>There has been a change in the leadership of the company</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

There has been a change in the leadership of the companyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kolte Patil Developers Ltd Rs Company Update

India

Kolte-Patil Developers Ltd. builds residential housing, commercial complexes, and mixed residential and commercial projects.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kolte Patil Developers (KPDL IN)

Kolte Patil: Reported Stellar FY22 Earnings; All Is Set To Post Even Better FY23

At <2x P/B and with a focus on high-quality residential real estate development in India, Kolte Patil has an upside potential of 75%. Its FY23...

Ankit Agrawal, CFA

Kolte Patil: Record Pre-Sales In Q3FY22; New Project Acquisition Likely in Mumbai

Key trigger for Kolte Patil is its increasing focus on Mumbai. It is close to acquiring a large new project in Mumbai. It also reported record...

Ankit Agrawal, CFA

Kolte Patil: Continued Momentum In Sales Velocity

In line with our thesis and bullish view on residential real estate in India, Kolte Patil reported strong sales velocity. It has now guided to...

Ankit Agrawal, CFA

A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity

Real Estate sector in India is undergoing rapid shift to Organized from Unorganized. This is leading to asset light development opportunities for...

Ankit Agrawal, CFA

Kolte Patil Developers Ltd Rs Company Update

There has been a change in the leadership of the company

Edelweiss

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)