Stock to Buy Today: Buy Kolte-Patil Developers Share Price Target Rs 534 By HDFC Securities
Stocks to Buy Today: On 8 November 2023, the financial services firm HDFC Securities published the latest research report on Kolte-Patil Developers shares, assigning a ‘buy’ rating to the stock. The comprehensive analysis also provides valuable insights into the company’s financial health.
HDFC Securities is Bullish on Kolte-Patil Developers and has recommended a ‘buy’ rating on the stock with a target price of Rs 534. Let’s take a closer look at their recommendations for the Kolte-Patil Developers share price target set by HDFC Securities.
KPDL has reported a robust presale figure of INR 6.3 billion, which is a significant increase of 72% year-over-year, although it represents a 10% drop from the previous quarter. The average sale price per square foot saw a slight decrease. The company is optimistic about future growth, anticipating surpassing presales of INR 28 billion for the fiscal year 2024, and aiming for INR 35 billion in the following year. This confidence is backed by a strong inventory and a series of planned project launches in the coming years.
The Pune region has been the main contributor to presales, but KPDL plans to diversify its geographic presence. For the current fiscal year, it has already added projects worth INR 34.5 billion and plans to include more with a cumulative worth of INR 45 billion.
Financially, KPDL experienced a loss in the recent quarter, which was below expectations. Despite this, with a low debt-to-equity ratio and a strong business development pipeline, the company maintains a positive outlook. It has a solid plan for project deliveries worth INR 17 billion for FY24 and INR 20 billion for FY25.
KPDL’s launch pipeline remains strong, with significant presales driven by new launches. The company is also focusing on the Mumbai and Bengaluru markets to reduce its reliance on Pune. With a healthy liquidity position and planned new launches, KPDL is poised for growth, leading to the recommendation to maintain a BUY position with an increased target price.
- CMP — Rs. 488
- Target — Rs. 534
- Type — Buy
- Report — Click Here
- Promoters: The ownership percentage held by promoters has remained the same at 74.45% in both June and September.
- Financial Institutions (FIs) & Local Mutual Funds (MFs): There’s an increase from 2.52% in June to 3.96% in September.
- Foreign Portfolio Investors (FPIs): Their stake increased from 1.54% in June to 2.64% in September.
- Public & Others: This category has seen a decrease in their shareholding from 21.49% in June to 18.95% in September.
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