NEW DELHI: Kolte-Patil Developers Ltd has reported a consolidated net loss of ₹11.14 crore for the September quarter, alongside the resignation of Group CEO Atul Bohra.
In the same period last year, the company posted a net profit of ₹10.34 crore.
Total income decreased by 50% to ₹161.75 crore in Q2 of this fiscal year, compared to ₹320.96 crore during the same quarter last year, as stated in a regulatory filing.
The board has approved the appointment of Avani Vishal Davda as an additional director (Non-Executive and Independent), effective immediately, pending shareholder approval.
The resignations of Sudha Pravin Navandar as Independent Director and Atul Bohra as Group CEO have also been accepted by the board.
Kolte-Patil is actively searching for a new CEO. Rajesh Patil, the Managing Director, will continue to oversee operations.
Based in Pune, Kolte-Patil Developers is a prominent player in the Indian real estate sector.
The firm has successfully developed over 68 projects, including residential complexes, integrated townships, commercial spaces, and IT parks, with a total saleable area exceeding 31 million square feet across Pune, Mumbai, and Bengaluru.
