Keystone Realtors Limited reports first-quarter pre sales of Rs 500 crore, up 106% year over year

Keystone Realtors Limited also known as Rustomjee Group on August 07 reported the best first quarters pre-sales of Rs 500 crore representing a YoY growth of 106 percent in the first quarters that ended on June 30, 2023. The company reported net debt reducing in Q1FY 24 reduced by Rs 0.70 billion crore leading to net debt of nil at the end of the first quarter. Its net profit after tax stood in Q1FY24 at Rs 0.5 billion crore down from Rs 0.7 (70 crore) in the Q1 of FY24. The Mumbai based reported collections of Rs 4.9 billion crore, representing a 23 percent YoY growth as compared to Q1FY23.

Keystone Realtors, which sells properties under the Rustomjee brand, got listed last year after launching its Rs 635 crore Initial Public Offer. "We have further strengthened our strategy of executing through our asset-light expansion model with the successful addition of three new projects in prominent locations like Prabhadevi, Kandivali (W)

and Pali Hill," the company said in a statement. The company said that its three additions have a gross development value of Rs 25 billion crore.

"With a strong focus on redevelopment, expansion within the MMR region. Our asset-light business model, effective stakeholder management, customer-centric approach, technological advancements, reliable vendor relationships, and experienced leadership team will continue to drive growth and deliver exceptional value. Keystone, with its astute strategy of targeting niche micro-markets across a wide spectrum of housing segments, is confidently continuing as a dominant developer and a preferred partner in (re)development projects," said the company in a statement.

Further, the company said that consolidated revenue at Rs 2.7 billion crore YoY growth of 61 percent and consolidated revenue followed by EBITDA margin and PAT standing at 26 percent and 17 percent respectively of revenue."The Government of Maharashtra's ambitious infrastructure investments will transform the future of Mumbai Metropolitan Region (MMR), opening up many micro markets with immense potential for growth. Embracing this positive trajectory, we are committed to expanding into select new micro markets, ensuring a healthy growth trajectory in our project portfolio on a year-on-year basis," said Boman Irani, Managing Director at Keystone Realtors. The stock closed at Rs 626.80 on the National Stock Exchange, 9.99 percent up from the previous close.