Kolte-Patil Q2 Loss: Revenue Down 50%

New Delhi, Nov 11 (PTI) Realty firm Kolte-Patil Developers Ltd on Tuesday reported a consolidated net loss of Rs 11.14 crore in the September quarter and also announced the resignation of its Group CEO Atul Bohra.

Its net profit stood at Rs 10.34 crore in the year-ago period.

Total income fell by 50 per cent to Rs 161.75 crore in the second quarter of this fiscal against Rs 320.96 crore in the corresponding period of the preceding year, according to a regulatory filing.

The board approved the appointment of Avani Vishal Davda as an additional director (Non-Executive and Independent) with effect from Tuesday, subject to the approval of shareholders.

The board also accepted the resignations of Sudha Pravin Navandar as Independent Director, as well as Atul Bohra as Group Chief Executive Officer (CEO) of the company.

Kolte-Patil informed that the board is taking steps to identify a new CEO. Rajesh Patil, Managing Director, will continue to lead the business.

Pune-based Kolte-Patil Developers is one of the leading real estate firms in the country.

The company has developed and constructed over 68 projects, including residential complexes, integrated townships, commercial complexes and IT Parks, covering a saleable area of over 31 million square feet across Pune, Mumbai and Bengaluru.