Kalpataru Ltd's revenue drops nearly 47 pc in FY24; net loss stood at Rs 113.8 crore

Mumbai, June 24 (IANS) Real estate developer Kalpataru Limited, which saw its initial public offering (IPO) open for bidding on Tuesday, reported its revenue from operations decline sharply by approximately 46.89 per cent year-on-year (YoY) -- falling from Rs 3,633.1 crore in the financial year ended March 31, 2023, to Rs 1,929.9 crore in FY24, as per its Draft Red Herring Prospectus (DRHP) filing.

The company also reported a drop in total income, which fell to Rs 2,029.9 crore in FY24 from Rs 3,716.6 crore in FY23 -- a decline of around 45.38 per cent.

Despite the fall in revenue and income, Kalpataru managed to reduce its net loss during the year. The company narrowed its net loss to Rs 113.8 crore in FY24 from Rs 226.7 crore in FY23.

However, the company reported a net profit of Rs 5.51 crore for the nine-month period ended December 31, 2024, with revenues of Rs 1,624.7 crore.

Total expenses also came down significantly to Rs 2,125.2 crore from Rs 3,874.5 crore in the previous financial year.

Kalpataru’s initial public offering (IPO) opened for bidding on Tuesday. It will remain open for subscription until Thursday (June 27).

The Mumbai-based real estate company has priced its shares in the range of Rs 387 to Rs 414 per share, with a minimum lot size of 36 equity shares.

The IPO is entirely a fresh issue of 3,84,05,797 equity shares, aiming to raise Rs 1,590 crore.

Kalpataru has already secured Rs 708 crore from anchor investors by allotting over 1.71 crore shares at Rs 414 each.

The anchor book includes reputed names such as GIC, Bain Capital, SBI Mutual Fund, ICICI Prudential MF, 360 ONE Group, Aditya Birla Sun Life, and Ayushmat.

Founded in 1988, Kalpataru Limited is a real estate development company known for its residential and commercial projects, retail spaces, and integrated townships across cities like Mumbai, Thane, Pune, Hyderabad, Bengaluru, Indore, Panvel, and Jodhpur.

As of March 31, 2024, the company has completed 70 projects and has 40 ongoing ones.

Kalpataru is part of the broader Kalpataru Group, which also includes Kalpataru Projects International, Property Solutions (India), and Shree Shubham Logistics among others.

The company has allocated Rs 15.9 crore worth of shares for its eligible employees, who will also receive a discount of Rs 38 per share.

Of the total issue, 75 per cent has been reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs), and 10 per cent for retail investors.

--IANS

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