Buy Kolte-Patil Developers, target price Rs 345: ICICI Direct

ICICI Direct has buy call on Kolte-Patil Developers with a target price of Rs 345. The current market price of Kolte-Patil Developers is Rs 315.7. Time period given by analyst is 14 days when Kolte-Patil Developers Ltd. price can reach defined target.

Kolte-Patil Developers Ltd., incorporated in the year 1991, is a Small Cap company (having a market cap of Rs 2407.44 Crore) operating in Real Estate sector.

Kolte-Patil Developers Ltd. key Products/Revenue Segments include Income from Sale of Commercial Flats, Shops & Plots, Project Management Fees and Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-09-2021, the company reported a Consolidated Total Income of Rs 309.46 Crore, up 53.69 % from last quarter Total Income of Rs 201.35 Crore and up 358.94 % from last year same quarter Total Income of Rs 67.43 Crore. Company reported net profit after tax of Rs 20.49 Crore in latest quarter.

Investment Rationale
Going ahead the brokerage expects the stock to resume its up move and head higher towards Rs 345 levels being the 80% retracement of the entire previous decline (Rs 360-284)

Promoter/FII Holdings
Promoters held 74.45 per cent stake in the company as of 30-Sep-2021, while FIIs owned 1.58 per cent, DIIs 2.57 per cent.