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Buy Kolte Patil – 171% returns as on 05-04-10

Posted on: December 25th, 2008 at 6:22 pm

CALL CLOSED (LONG TERM INVESTORS – HOLD IT) Kolte Patil is currently quoting at Rs.28, PE – 1.50, EPS – 19.29, Book Value: 75.44. Target: 56

Stock is trading at very cheap valuations and is a potential mutibagger from current levels. Company has a land bank of over 37.80 million square feet. Company currently has several new projects in the pipeline. These developments will include 5 IT parks, 11 commercial complexes, 10 residential complexes, 1 serviced apartment building and 1 integrated township.

To download Kolte Patil’s Annual report 2008 file, click here.

Bottom Line Growth
Particulars FY 2006-07 FY 2005-06 Commentary
Sales & other Income 251.50 55.45 Growth of 353% Y-o-Y
Profit before Tax 108.13 3.62 Growth of 2887% Y-o-Y
Income Tax 24.35 0.34 Growth of 7061%Y-o-Y
Profit after Tax 83.50 2.81 Growth of 2871% Y-o-Y

As Kolte Patil Developers Limited makes its entry into the Hospitality sector; it has formed a separate company to manage the Hospitality assets that the company is creating. Hospitality professionals with a proven track record manage this company. It is a completely self-sufficient entity in terms of all the manpower and other resources required to carry out its mandate. The role of the company is to render advice and assistance during the planning and construction stage of hotels and thereafter to manage them. In order to ensure management of international standards, the company has tied up with a UK based hotel chain. The strengths of the global partner in terms of the latest trends in equipment, operations management and its Standard Operating Procedures etc. would further strengthen the high standards of service that the Indian Hotel Industry is known for. KPDL have immediate plans for construction of 3 properties – at Hinjawadi and Nagar Road in Pune and on Hosur Road in Bangalore.

They have entered into a joint venture agreement with ICICI Venture Funds Company, one of largest Real Estate Funds in India . This venture is for development of an approx. 400-acre Township at Hinjewadi, Pune, through an SPV. I-VEN Townships (Pune) Private Limited, in which KPDL and ICICI hold 50% equity each.

In another joint venture with ICICI Venture Funds Company for development of 1.1 million sq. ft. IT Park at Kharadi in Pune through I-VEN Kolte Patil Projects (Pune) Private Limited, an SPV in which KPDL holds 51% equity and ICICI Ventures 49%.

They have entered into a joint venture with ICICI Venture Funds Company, and an individual investor, for development of Bungalows scheme in 80 Acres area at Wagholi (Pune).
Corolla Realty Private Limited is the SPV formed for this project. In this SPV, the company is holding 37% Equity, ICICI Venture is holding 37% and individual investor is holding 26% equity, respectively.

They have entered into a joint venture agreement with K2 Property Limited. This is a UK based Real Estate Fund, for development of residential properties at Pune. These projects will be executed through a Special Purpose Vehicle (SPV) i.e. Kolte-Patil Real Estate Private Limited. In this SPV, the company and K2 Property Limited are holding 51% and 49% equity each

They have signed a Term Sheet with Arora Holdings of UK for setting up of two hotels – one in Pune and other in Bangalore ; with total investment of Rs. 6000 million. The Joint Venture hotel company will also set up a hotel management company for providing operational management. The company plans to expand its operations in the Middle East and Europe as well.

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