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Kolte-Patil Developers Ltd reported a consolidated net loss of INR 11.14 crore for the September quarter, reversing a profit of INR 10.34 crore a year earlier, as total income fell 50% to INR 161.75 crore. The company also announced key leadership changes, appointing Avani Vishal Davda as an independent director while accepting the resignations of Independent Director Sudha Pravin Navandar and Group CEO Atul Bohra. Managing Director Rajesh Patil will lead operations until a new CEO is appointed. Headquartered in Pune, Kolte-Patil has delivered over 68 projects across major cities. The company plans to stabilise operations and regain growth momentum amid these transitions.
Kolte-Patil Developers Ltd announced earlier this week that it recorded a consolidated net loss of INR 11.14 crore in the September quarter, marking a reversal from a net profit of INR 10.34 crore registered during the corresponding period last year. The company attributed this performance decline to a significant drop in total income, which fell by 50 per cent to INR 161.75 crore compared to INR 320.96 crore in the same quarter of the previous fiscal, as stated in its regulatory filing. Advertisement
In a major management development, the board approved the appointment of Avani Vishal Davda as an additional director in a non-executive and independent capacity, subject to shareholder approval. The board also accepted the resignations of Sudha Pravin Navandar, who served as Independent Director, and Atul Bohra, who stepped down from his role as Group Chief Executive Officer.
Kolte-Patil confirmed that the board has initiated the process of identifying a new CEO to steer the company forward. In the interim, Rajesh Patil, the Managing Director, will continue to lead the company's operations.
Headquartered in Pune, Kolte-Patil Developers is among India's prominent real estate companies. The firm has developed and constructed more than 68 projects, including residential complexes, integrated townships, commercial properties, and IT parks, covering a saleable area exceeding 31 million square feet across Pune, Mumbai, and Bengaluru.
Kolte-Patil Developers' recent quarterly results underline a challenging business environment, with the company shifting from profit to loss while undergoing significant leadership transitions. The resignation of key executives, including its Group CEO, signals an organisational reshuffle aimed at driving renewed strategic direction. With Managing Director Rajesh Patil continuing at the helm, and a search underway for a new CEO, the company is expected to focus on stabilising operations and regaining financial momentum in the coming quarters.
Source - PTI
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